When a LGBT couple purchases a home in a state in which they cannot be legally married (or their marriage is not recognized) or get a civil union, they may want to create what’s called a Domestic Partnership Agreement. This agreement may outline several things, but it’s very important for those couples who purchase a home but cannot claim joint ownership. A Domestic Partnership Agreement is vital if couples split up because it can provide protection for both and clearly outlines how property, including real estate, is to be divided up.
When a LGBT couple decides to split up and isn’t legally married or in a civil union, there’s no objective third-party to help divide property. If the split is mutual and amicable, the two can usually come to an agreement and decide if they want to sell the home or if one person wants to buy the other out. This doesn’t always have to be in the form of cash, either. For example, one person could keep the home while signing over the couple’s joint vehicle to the other person.
However, there’s more to it than just deciding who gets the home. It’s also wise to set a timetable for any buy outs. Does it need to happen right away? If not, how long does one partner have to buy the other out? And what happens if the house can’t, for whatever reason, be sold. If there’s still a mortgage to pay, the couple will have to determine how that mortgage is to be paid. Will both contribute so it doesn’t affect their credit, or will the person staying in the house assume the full mortgage? All of this can be outlined in a Domestic Partnership Agreement.
A breakup that is less than friendly is already going to be emotional and difficult. Adding in the extra stress of working out who gets to keep the house, especially if the two of you have lived in it for years, is only going to make the situation worse. That’s why many gay and lesbian relators recommend LGBT couples create a Domestic Partner Agreement. While no one wants to think about breaking up, it’s a smart idea to address the situation while you’re both level-headed and able to discuss the topic openly. If you want until you’re angry and ready to walk away from the relationship, the discussion will be nowhere near as pleasant.
