According to statistics, more couples now choose to live together before they decide if they want to marry. It is common for an unmarried Florida couple to cohabitate, and it is becoming more common for these couples to purchase residential property together. When a couple is considering this step, it is important for each party to understand how he or she can protect personal and joint interests as they move through the process of buying a home.
The complications of buying a home
Statistics indicate that unmarried couples make up around 18% of all first-time homebuyers. The purchase of a residential property is a serious legal and financial commitment, and there are important things to consider before taking this step. One common reason for couples to take this step before marrying is due to home affordability and the benefit of sharing the costs of ownership with another person.
However, unmarried couples do have fewer protections in the event that the relationship ends. It is important to carefully title the property so that one party cannot simply stop paying his or her share, leaving the other to deal with the repercussions. Each party should be aware of his or her rights and options in the event that the other passes away or one partner moves out.
Protecting interests in a real estate purchase
It is helpful to work with an attorney at every step of the process of purchasing property. If an unmarried Florida couple wishes to buy a home, legal guidance will prove critical as each party will need to shield his or her legal and financial interests. Before making any important decisions, it will help you seek an assessment of the individual case.