Property Ownership for Unmarried Couples

Unmarried couples looking to own property together can establish legal ownership through one of these options.

2011-06-05

June 05, 2011 (Press-News.org) Property Ownership for Unmarried Couples

Being married gives a couple certain legal rights, among which can be joint ownership of property purchased during the marriage. This is no small thing, as a division of assets occurs when a marriage ends, either by spousal agreement or in court. State laws and courts attempt to make the division of assets during a divorce as fair as possible.

However, when you make purchases while not married, even if you purchase property "with" someone or after having lived together for a long time, the law does not automatically afford you protection. This can create some unfair division of assets for cohabitating couples.

Having clear ownership is most important for real property, such as a home, since that is usually a person's largest asset. Fortunately, there are ways to own a home that can accurately reflect contributions by both members of the couple. This occurs in two ways:

-Ownership as joint tenants
-Ownership as tenants-in-common

Joint Tenancy

To purchase a home as joint tenants, the title deed must simply state the home is owned in joint tenancy between the two purchasers. Both individuals must also have equal rights of interest, time, title and possession of the home. This means that each person owns the entire property and the full use of the property, without any restrictions or divisions.

If you have a joint tenancy with a right of survivorship, upon the death of one owner the other takes full and complete sole ownership automatically.

Tenancy-in-Common

For tenants-in-common, however, each person owns only a share of the property. Usually the property is divided proportionally between the owners. However, each owner does have a full right to possession of the home. Unlike joint tenancy with right of survivorship, upon the death of a tenant-in-common the ownership goes to his or her estate. What happens to the ownership share at that point depends on the owner's estate plan.

In a Cohabitating Relationship?

Unmarried couples living together should consult with an experienced family law attorney. An attorney can discuss the benefits of legal ownership and cohabitation agreements that allow for clarity in property ownership, as well as what will happen in case of death or dissolution of the relationship. An attorney can also help you to decide issues such as whether joint tenancy or tenancy-in-common is right for you.

Article provided by Thompson Law Group, P.A.
Visit us at http://www.thompsonlawpa.com

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