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home › Life Events & Financial Decisions › Major Life Events › Moving in With a Partner › Property Ownership

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Property Ownership For Unmarried Couples

 
  • Consider drawing up a binding legal contract called a cohabitation, partnership or domestic partner agreement that, similar to a prenuptial agreement for married couples, is designed to resolve potential problems before they occur.
  • The cohabitation agreement should specify how assets will be divided between you and your partner in the event that the relationship ends, who owns what percentage of joint assets, how each party will contribute toward joint household expenses, and plans to handle events such as disability or death of a partner.
  • Understand that if both partners sign loan documents, an apartment lease, or a contract with a utility company, both are legally responsible for payments—even if one partner moves out. This may be a tough situation if a bad fall-out occurs between both partners.
 
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