More unmarried couples may be considering buying a home together, particularly in quarantine. If you are thinking about buying a house with someone you aren’t married to, there are some financial and practical risks to think about. Here are three things to consider before buying a place together.
1. Who is signing on the dotted line?
You and your partner will need to decide who holds the title to the house, who takes on the mortgage and who itemizes their deductions on their tax returns. Talking to financial planners and lawyers can help the two of you decide whether it is smarter for one partner to take on the mortgage or whether splitting it makes more sense. Titling options include sole ownership, joint tenancy with rights of survivorship, or tenants in common. For younger couples, tenants in common tends to be the most common form of titling, as