You are buying a property while unmarried announces serious financial risks on both parties. Many legal divisions help to address the issue of co-buying when your partner has not put a ring on your finger. In all instances, it is the caution that is advised onto people with such dreams. The only way you can get the intervention of the law is when it recognises you as legally married.

One group that has for years from this challenge is the LGBTQ community. Since the law had not recognized such a marriage, it was difficult getting that certificate to talk on your behalf during a vicious conflict. On the other hand, millennials have been having a spike in these cases as well. What makes them become clumsy, and what risks are they in?

Find out this and more below

Circumstances that push for purchasing homes together

Everyone knows that the law is always on the side of couples who are legally married. They also know that there are tax exemptions and benefits to partners in a marriage. Although all these facts and more are clear to them, people still structure their relationships on the thin rope of love.

Ignorance for the most sacred canons of the society is not from the like of it. People may honestly be pushed into such arrangements.

Weddings are usually expensive. If the budget doesn’t support marriage, then why should they plan for one? If this is the instance, then some may come out from a financial standpoint.

Another instance is when there is an offer that will not wait around until the couples propose and get married. If the individuals in love find a better offer that may expire and they don’t want to wait long for another, then they may decide to partner and raise cash for the mortgage.

Given that some countries still do not recognise marriages between the members of the LGBTQ community, then it becomes difficult to obtain such a certificate to defend your wedding in the court of law.

Unfortunately, people will continue to be who they are and purchase assets together. So, other ways must be adopted in mitigating conflicts that are likely to emanate from such situations when the couples ultimately fall out of love. Try the following measures.


The laws of the land were written years ago. During this process, insurance, housing, and anything living together were written with married couples in mind. The law on marriage is exclusive, and it seems to have not all, at least a majority of answers whenever a specific situation occurs in a marriage such as what happens if a spouse dies without a will? These stipulations, however, do not apply to unmarried individuals. Therefore, for you to survive in this rule-less state, you need to have a serious talk with your partner about your goals both financially and socially, expectations from each partner, etc. Everything is at stake here, so put everything into their right perspective.


Some documents might help you plan your estate; they are called estate planning. Here, you are supposed to stipulate the extent of your net worth, what happens to the property if you die, and in case of separation, how division shall be carried out.

All these provisions are available in the marriage laws. Therefore, it is straightforward what should be done if one or both of the instances occur. Avail a will, a trust, and a power of attorney.

Domestic partnership contract

Here you need a lawyer or a loan advisor to explain to you what this agreement does. This document will wield a lot of power if there comes a time that you need to solve a conflict. Summarily, a partnership agreement will define how you will share property in an event one of you dies, the rights of both parties in the arrangement, the joint accounts you have together and how to contribute to them, etc. There is no answer to if you can share accounts or not. However, marriages also have a joint account where they equally contribute to domestic expenses; you can adopt this method. Note that no attorney will teach two couples how to live, you need to draw this yourselves but in the presence of a lawyer.

Financial risks that unmarried couples

Putting both names on the house ownership deed is the best solution to a problem that may arise. However, it means also doing the same on other accounts. This means that each party can easily use the money in the statement. The outcome is not always pleasant.

Imbalanced contributions for the mortgage are likely to spark conflict. The party contributing more is expected to assume the right of a majority share in the house. There is no way to express what you might expect from such behaviour creeping into a relationship.

Taxes and loan repayment are some of the many expenses on the flat that will need servicing. To do this, they would first need to find a mortgage lender who will give the loan. To choose a good lender, they should first contact their bank or mortgage company. They can then get quotes from different lenders by visiting Loan Advisor. Chances of both of you contributing equally may be deterred by the financial imbalance, which may bring friction in the relationship.

Furthermore, mortgages do not disappear when love and mutual attraction does. If you cannot seem to agree on how to pay up the residence, then you are risking foreclosures.

The Bottom Line

The decision to live together and buy a house without necessarily putting it down on paper negates the ability of the law to come in whenever a risk has occurred, and you are looking at a barrel for help which it cannot provide. Statistics continue to show a steady rise in the number of unmarried couples. This means that such couples actually own most of the house and mortgages you may see around. This, therefore, means that you may not be in a unique predicament. Some people have done this successfully by forming joint accounts and invoking a domestic partnership agreement with survivorship options to address the issue of shared property.

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