KCM Blog keeps us informed with another great article about home buying for unmarried couples:
When making the decision to purchase a home with your significant other, you and partner must know that just like with marriage, a property agreement is a legal contract. One of the more important aspects of purchasing a home together is knowing how the investment will be split. In many cases, one partner may initially invest more money into the home than the other. This may cause issues in the future if things don’t work out due to the fact that legally one person may end up owning more of the house than the other.
If the relationship were to end, a dividing of the assets needs to take place. Although everyone in a relationship hopes for the best, preparing for the worst-case scenario will alleviate any hassle in the future. The best way to protect yourself is to come to an agreement as soon as possible while you both are still happy. If there were to be any future issues, it could get real ugly resolving things if steps were not taken care of from the start.