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: Agree on how to split monthly costs like the mortgage, taxes, utilities, and maintenance (e.g., 50/50 or proportional to income). 2. Choose the Right Title Structure
Applying for a mortgage jointly can increase your buying power, but it also carries shared risks.
: Consider taking out life insurance policies naming each other as beneficiaries. This ensures the surviving partner can cover the mortgage or buy out the deceased partner's heirs if necessary. unmarried couples buying a house
: Lenders typically use the lower of the two credit scores to set interest rates. If one partner has poor credit, it might be better for the other to apply alone.
: You can own unequal shares (e.g., 70/30). If one partner dies, their share goes to their chosen heirs rather than automatically to the surviving partner. : Agree on how to split monthly costs
: Both partners own 50%. If one dies, their share automatically goes to the survivor without going through probate.
Buying a home as an unmarried couple lacks the "default" legal safety net of marriage, but you can create your own protections through careful planning. : Consider taking out life insurance policies naming
: You cannot file taxes jointly. Only the person(s) on the mortgage can typically claim the mortgage interest deduction, and you may need to itemize to split it.