If you are living with your partner but you are not married, you may wonder how the property will be set divided in a situation where your relationship ends. Marriages offer a certain degree of security when it comes to the way in which marital assets are divided, but an unmarried couple may face a greater degree of confusion when going through their separation.
If you buy a house with your significant other, it is important that you consider under what terms you are buying the asset. It is vital that you do not overlook the possibility of separation in the future. There are two main ways that you can jointly own an asset with another person.
Owning an asset as joint tenants
If you purchase an asset with your significant other, doing so as joint tenants will mean that you own the asset equally. If one of the owners passes away, the other owner will gain right of survivorship, which will mean that they will own the property in full.
Owning an asset as tenants-in-common
If you are buying a home and your partner is able to invest more than you are, you may want to own the property as tenants-in-common. This might mean that your significant other will own 75 percent of the property, and you will own 25 percent of the property. If your relationship ends and you sell the home, you will both be entitled to your respective share.
If you are ending your relationship but you are married, it is important that you make sure your assets are not being wrongfully taken by your ex.