Oct 11, 2016
First comes home, then comes marriage?
U.S. - According to experts such as real estate expert Matt Parker, couples face much more risk if they take out a mortgage as two unmarried individuals.If they later decide to end...
U.S. - According to experts such as real estate expert Matt Parker, couples face much more risk if they take out a mortgage as two unmarried individuals.
If they later decide to end the relationship, dealing with the financial fallout can be complicated.
In a divorce, there are clear rules and guidelines couples can rely on to divide up their investments, property, and wealth. Unmarried couples are not bound to follow any of these rules. Another expert, Andrew Schrage, states the two should approach co-owning a home as if they were going into business together and speak with an attorney first.
They should have a legal expert draw up a document that outlines ownership of the property and how that ownership can be changed.
Doing so will make sure both parties are protected.
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