Buying a home is a critical step for couples, even if they are not married. While it is beneficial for all couples to be cautious when making such an important legal and financial decision, it can be especially important for unmarried couples to do so. If you and your significant other want to purchase a home together, there are certain things you will benefit from knowing in order to protect your interests.
As Florida readers may know, the number of cohabiting couples has increased significantly over the last few years. Many unmarried couples want to buy a home together, but the laws that protect married couples do not protect them. If you break up or one partner dies, it can be complex. It may be prudent for you and your partner to draft a cohabitation agreement.
Lowering your exposure to risks
A cohabitation agreement is a practical way for unmarried couples to reduce their financial risks when living together, as well as when making significant purchases as a couple. This type of agreement could be beneficial for you for the following reasons:
- There are no default property division rules in place for unmarried couples that decide to end the relationship.
- A cohabitation agreement allows you to decide how you want to divide property, buyout strategies or exit plans in case the relationship ends.
- You can list out financial responsibilities for the home in your plan – who will make payments, pay for insurance and more.
You may believe that a cohabitation agreement is not necessary, but it is always prudent to take steps to protect yourself in case things do not go as planned. Planning for contingencies is not planning for the relationship to fail, but instead, drafting a cohabitation agreement can be a way to set yourself up for success when making important decisions for the future.
Take quick action to learn about your legal options
If you and your partner are considering taking the important step of purchasing a home, it can be beneficial for you to consider a cohabitation agreement first. The implications of a major purchase can be significant, and it is in the interests of both parties to be careful.
You will find it beneficial to start with a complete evaluation of your case. By working with an attorney experienced in drafting and enforcing cohabitation agreements, you will be able to consider all of your options and move forward with the most appropriate choice.