“First comes love, then comes home buying, and then comes marriage.” Wait, what? Couples are now choosing to buy a home together before they actually tie the knot. Almost one-fourth of American married couples between the ages of 18 and 34 say that they purchase a home prior to walking down the aisle.
Millennials are looking to make smart decisions as they start their life together rather than taking the wrong steps first leading to disaster later down the road. Many couples that have taken these steps (purchasing a home first) say that the home purchase strengthened their relationship more than any other purchase made.
Keep in mind that when you do purchase a home before you get married, both partners will only have equal ownership of the home rather than joint ownership. In other words, should one partner die, their share of the home will not go to their living partner, but to their heirs. This may or may not be something that you are willing to do. If not, you may prefer to marry first or simply speak with an attorney to set forth an agreement should you and your partner break up.
If you’d like to learn more about the legal ramifications of buying a home before getting married, contact Brighton Escrow today with your questions and concerns.