Buying a House with a Partner Before Marriage: Key Considerations

Purchasing a home with a significant other can be an exciting prospect. However, it’s also a significant financial and legal commitment that requires careful thought. While marriage often brings added legal protections, many couples are choosing to invest in a home together before marriage. Here are some factors to consider to help you make an informed decision.

1. Financial Security and Stability

• Pros of Buying Together: If both partners have stable incomes and good credit scores, you may be in a strong financial position to qualify for a mortgage with favorable terms. Combining finances can also allow you to afford a larger down payment or more home options than you might be able to alone.
• Things to Consider: Buying a house together requires a serious commitment to each other’s financial well-being. Before buying, review each other’s credit scores, debt levels, and monthly income. Discuss how you’ll handle financial emergencies, job changes, or if one partner’s income changes unexpectedly.

2. Legal Protections and Ownership Structure

• Pros of Planning Ahead: Even without marriage, you can set up ownership and legal protections in ways that safeguard each partner’s interests. Joint tenancy, for example, provides each partner equal ownership of the property and a “right of survivorship,” meaning ownership passes to the surviving partner.
• Things to Consider: Without marriage, dividing a jointly owned property in the event of a breakup or other issue can be more complicated. Consulting a real estate attorney to draft a co-ownership agreement can clarify ownership shares, financial responsibilities, and what happens if one partner wants to sell.

3. Financial Preparedness and Division of Costs

• Pros of Sharing Costs: Buying with a partner allows you to split not only the mortgage payment but also ongoing expenses like maintenance, utilities, and repairs, making homeownership more affordable.
• Things to Consider: Decide in advance how you’ll share expenses—will you split everything 50/50, or will you each contribute a percentage based on your income? Outline these terms in a co-ownership agreement to avoid future disputes. It’s also wise to set up a joint savings account for shared home expenses.

4. Long-Term Goals and Commitment Level

• Pros of Shared Vision: If you both see homeownership as a solid step in your future together, it can make sense to invest in property now. Owning a home together can help both of you build equity, which is an advantage if you eventually decide to marry or even if you continue to stay together without marriage.
• Things to Consider: Be honest about where you see the relationship heading. While many couples successfully buy a home before marriage, it’s wise to consider how you would handle the property if your paths diverge. Having open discussions now can prevent misunderstandings later.

5. Legal Agreements and Exit Strategy

• Pros of Planning an Exit Strategy: Although it may feel uncomfortable, planning for “what-if” scenarios can protect you both. For example, you can outline how a sale would work if one of you wanted to keep the property or if you both wanted to sell.
• Things to Consider: Without legal marriage, you won’t automatically have property rights, so a cohabitation or co-ownership agreement can clarify how the property and its proceeds would be divided if you separate. This agreement should address how to handle buyouts, sales, and equity splits.

6. Emotional Impact

• Pros of a Positive Experience: Buying a house together can be a rewarding experience that strengthens your relationship. Many couples find that sharing this goal brings them closer and creates a deeper sense of partnership.
• Things to Consider: Owning a home adds a level of complexity to any relationship. If there’s uncertainty about your future as a couple, it may be worth waiting until your relationship is more settled. Buying a house together isn’t just a financial decision—it’s also an emotional commitment that shouldn’t be taken lightly.

Final Thoughts: Marriage vs. Non-Marital Homeownership

Whether to buy a home together before marriage or to wait depends on your relationship stability, financial readiness, and shared goals. If you feel ready to commit to a home with your partner, it’s wise to protect both parties with a well-thought-out legal agreement. Alternatively, if you prefer more legal and financial simplicity, you might wait until marriage to buy together.

Homeownership is a major milestone, and either choice can be successful with clear communication, planning, and protections in place.