With increasing popularity of the property market with low mortgage rates offering, many people across are buying properties and homes. There are also rise in the number of unmarried couples buying properties and homes together. However, there is a certain risk factor relating to property rights when buying a home before marriage or while being unmarried.
Many common legal couples look forward to buying homes together and investing in their properties. But due to different laws and rules in common law relationships, many couples do not get their due property rights and it causes problems as such. The property rights for married and unmarried spouses become different and it causes problems in property holdings. This can cause a legal issue and daunting task to get the property.
As such there are two beneficial ways to get the property and own it before marriage. One is to purchase it together in form of joint tenants or common tenants. The other way is that one of the partners can buy it and the other partner can live there. Doing this, property owning issues does not create problem among the couple. In the first way where both the partners can buy as joint tenants, both the partners can own the property. They get equal claim to the house and even in cases when one of the partner passes away, the other partner automatically gets the claim to the house or property.
In the second option where the partners buy as common tenants or tenants in common, they get equal rights and they get the right to decide whatever they want about the property. In this case of the partnership owning if incase a partner passes away, the other owner does not get full claim to the property. The family of the deceased gets the right to decide who gets the property ownership. In such cases, it is advisable for unmarried spouses and partners to consult lawyers before investing in a property or house.
There is also the other beneficial way of buying property for unmarried couples is where one partner buys it and the other lives there. The partner who is financially and emotionally dependent can purchase the property and the other person can stay there.
The partners can sign the cohabitation agreement by which the partners can decide what to do with the property like owning the household items whether as joint tenants or common tenants and the like. This agreement also includes the arrangement of deciding who shall move out of the property once the relationship ends and home equity line of credit and other similar issues. This agreement lets the couple stay protected and secure regarding the property and remain insured about it.
Marriage, relationship and home ownership are all great things. Just consider with your head and heart before making any final conclusions.