When is it Important for an Unmarried Couple to Make a Written Property Agreement?If an unmarried couple has not been together for a long time and does not own much together, making a written agreement is not really necessary. However, the longer you live together the more important is it to prepare a written contract making it clear who owns what. This is especially important if you begin to accumulate a lot of property together, such as a house. What Should a Property Agreement Include?The major areas of concern for most unmarried couples are: - how property and assets are owned
- whether or not income and expenses are shared
What Should Our Property Agreement Include if We Are Buying a House Together?It is very important to make a written property agreement if an unmarried couple buys a house together. Your contract should cover at least four major areas:
- How much of the house does each of you own?
- How is title (ownership) of the house to be listed on the deed?
- What happens to the house if you break up?
- If one of you has a buyout right, how will the house be appraised and how long will the buyout take?
Should Our Property Agreement Include Who is Entitled to What Income?Yes. Although each person in a relationship starts out owning all of his or her job-related income, many states allow this to be changed by an oral contract or even by a contract implied from the circumstances of how you live. If one person makes more money than the other and is the main financial support, make a written agreement that reflects that fact and how that income is to be divided in case of a breakup. What is Palimony and Should it Be Included in Our Written Agreement?Palimony is a phrase used to describe the division of property or alimony-like support paid to one person in an unmarried couple by the other after a breakup. If you are part of an unmarried couple who has broken up you are not entitled to palimony payments unless you have both reached an agreement about it. Am I Liable for the Debts of My Partner?No. As part of an unmarried couple you are not liable for the other person¿s debts unless you have specifically undertaken responsibility to pay a particular debt. If One Unmarried Spouse Dies, What Will the Survivor Inherit?Generally the surviving person will not be eligible to inherit anything unless the deceased had made a will, or used another estate planning device to include their unmarried partner. In some states registered domestic partners may automatically inherit a portion of a deceased partner¿s property. Do I Need a Lawyer for My Property Agreement?While you and your partner may not require a lawyer to draft your property agreement, you should consult a good family law attorney if you feel the agreement is not being adhered to or if you encounter any other difficulties when attempting to enforce the agreement. |
