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Some couples may want to avoid the formalities involved with legal marriage.Others may want to keep their financial affairs and debt burdens separate.Whatever the case may be, some couples choose to live together without the benefit of a legal union.There are, however, differences between how marriage and cohabitation relationships are treated under the law.If done with care, this arrangement can be very beneficial in getting you a house that you may not have otherwise been able to afford.Be sure to figure out the details explained in this article prior to buying a house together, though, in order to avoid financial and legal chaos.
This deed explains how you want to own the property.
No matter how close the bond or how long the relationship has existed, a cohabitant may need to defer to immediate family members when it comes to making decisions for an ill or incompetent unmarried partner, unless a general power of attorney or health care power of attorney give that authority to the cohabitating partner.
When one cohabitant dies, his or her property will pass to whomever is named in the will or, if there is no will, to family members according to state laws.
Couples who live together and then split up usually do not incur the obligation to support each other after the break-up, unless they have entered into a contract providing otherwise.
While this may seem a boon to the supporting partner, a partner who has become accustomed to being supported may face unexpected financial hardship after the split.The surviving partner has no claim to the estate unless he or she was named in the deceased partner's will.The male in a cohabitating partnership does not incur an immediate legal obligation to support children born during the cohabitation, but may do so voluntarily (and MUST do so if paternity is established).Who inherits your property when you die, whether you can make medical decisions for an incapacitated partner, and whether you must pay to support someone after a breakup are all seriously impacted by your marital status.