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September 14, 2023

HOME BUYING CONSIDERATIONS FOR COUPLES-Beyond ‘I Do’: Safeguarding Your Home Investment Without Tying the Knot

Discovering valuable insights from our New Home Specialist today prompted us to broach a topic that, although awkward, is crucial for modern couples venturing into homeownership without tying the knot. Gone are the days when marriage was a prerequisite for buying a home together. While contemplating the end of a relationship is never pleasant, it’s essential to address potential complications that may arise during a breakup or divorce, especially when significant financial investments are involved.

The key to safeguarding everyone’s interests lies in the title. Traditional Joint Tenancy, often chosen by married couples, ensures that each homeowner holds an equal interest in the property’s value. This assumption is based on the idea that marriage involves a blending of income and assets.

For couples intending to maintain separate financial identities, a more suitable alternative may be a Tenancy in Common. This type of title grants each owner an individual, transferable interest in the property. The beauty of this arrangement is that the interests don’t have to be equal; they can reflect each individual’s financial contribution. Furthermore, these interests can be sold or inherited separately.

Amidst the excitement of purchasing your dream home, it’s imperative not to overlook the importance of planning for the future. Before sealing the deal on that perfect home, take a moment to consider the exit strategy – just in case. Planning ahead can help navigate potential challenges, ensuring a smoother process in the event of unforeseen circumstances.

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This post was written by Acadian Homes