Unmarried same sex couples who are considering purchasing a home together should take precautions to protect themselves and their investment before buying. There are a couple of options available that would be of benefit in avoiding future problems if the relationship does not work out or one of you dies.
Domestic Partnership Agreement
Domestic partnership agreements can provide emotional and financial security if you are unmarried, either because you live in a state that does not recognize same sex marriage or you simply prefer not to marry. A domestic partnership agreement is a document that outlines the legal and financial responsibilities of your relationship. It should contain information such as how you will own a property and share a banking account, income and assets. Some states afford couples in these types of legal relationships the same rights and responsibilities as married couples. Note that domestic partnership agreements are not recognized in all states.
If domestic partnership agreements are not available in your state, you can create a similar contract that will be legally binding under contract law in courts. The cohabitation agreement must be in writing and should outline the same information as a domestic partnership agreement. You should check with your local attorney for information on that process in your state.
Title Your New Home
The best way to avoid probate and your partner potentially losing your share of the home to your heirs, if he or she does not have a will, is to title the home as Joint Tenancy with Right of Survivorship. Make sure that the right of survivorship language is included so that it does not end up being owned as joint tenancy only to avoid complications. The different ways that you can title your home depend on the state where the property is located. You should check the laws in that state to ensure that you choose the best form of ownership available for your particular situation.
Create a Will
If you or your partner dies and you do not have a will or have not made other legal protections, you could lose his portion of the home to his or her heirs at law. Generally, state intestate laws dictate that a spouse is first in line, children are second and parents third to inherit. Whoever inherits could force you to move and sell the home if you cannot afford to buy their portion of the home from them.
Buying Your New Home
If you are considering purchasing a home, your local LGBT real estate agent at GayRealEstate.com can assist you with the process and protect your interests. He or she will have contacts that are LGBT friendly and can assist you in choosing an appropriate attorney, if needed, to assist you with contracts and wills.
