We’re thinking of buying a home together, but we’re not married.
It increasingly is common for non-married people to buy a home together. What happens if the relationship ends? Who stays? Who goes? What are the terms? A written agreement that sets forth the rights and responsibilities of each party will make the separation easier for both.
- Ideally, the agreement should be entered into prior to the purchase or shortly after the purchase.
- The agreement should cover subjects such as responsibility for expenses while living together, sharing appreciation and depreciation, allocating tax benefits and burdens, buy-out options, and a mechanism for resolving disputes.
- Statutory provisions applicable to the division of property when a marriage or civil union fails are not applicable, but may provide helpful guidance.
- Because of the potentially conflicting interests, the same law firm should not represent both parties.
- Although love, affection, and friendship abound in the beginning, it is important not to lose sight of the fact that the purchase also is a business transaction and should be treated as such.
We would be pleased to meet with you to help prepare an agreement that protects your interests and, at the same time, treats your partner with respect and sensitivity.