What are the pros and cons of buying a place with my girlfirend (ie using her income) who I likely will marry?

Question

I know that incorporating her income into the scenario would increase my buying power, but I'm wondering if it's worth the potential headache.

Answer 1

it's not...especially since you said "likely will marry" instead of positively will marry....

Answer 2

You'd really be playing with fire there.
Though I wish you both good luck, the fact of the matter is that "nothing is for certain" and anything could happen to spoil what appears at this point to be an amicable and feelgood business arrangement.

I would really consider not only the benefits that might come from this investment, but also the ramifications of what could happen if things between the two of you were to go south.

If you DO decide to go ahead and join with your girlfriend in the purchase, the best advice certainly would be to ensure everything is documented and contracts are initiated and signed, rather relying on the "good feelings and trust" that you both are probably feeling at the present time.
In other words....CYA....and keep it strictly business.

Answer 3

Well, I guess that all depends on whose name is on the mortgage. In most states without being married, who ever has their name on the mortgage is who owns the house. Thus, if you and her break up and don't get married, the owner of the mortgage is who stays in the home. The "loser" always has the option of small claims court but most judges don't want to hear it and don't like dealing with unmarried couples that join funds in a large investmest so they side with the owner of the mortgage. If you or she is worried about such a thing, write a contract between you and your girlfriend that states who will have the house and how the other will be compensated in case you split up. Once you are married, one will have to buy out the other both of you will have to put the house up for sale and split the money. My best advice is, either buy the house yourself so she has no legal standing or marry her and both of you buy the house together. Hope that helps.

Answer 4

If you are already seeing a "potential headache" then don't buy the place. If you do, then hire an attorney to do some clause to the buying property; in that way if you decide not to get married each of you can sell the property and get back half of the sale price.

Answer 5

This is experience talking and I use to work in the civil courts. Heaven forbid you guys break up and it's not a good break-up someone will definitely wind up losing. Someone doesn't want to move or the main argument being one party invested more than the other party. The list is endless and the courts hate these types of cases. I totally do not recommend you invest in any property (even a car) unless you are officially married.

Answer 6

My advice is "NO". You had mentioned that you are just likely to get married with "her". From my understanding, the said "marriage" has yet to be registered with the relevant authority. If there's no registration of your marriage with "her" then it should not be constituted a valid marriage.

Perhaps, in order to make u clear enough, i would like to give u some illustration whereby:-

[a] if "A" is a guy and "B" is a lady and vice versa;
[b] "A" and "B" had yet registered their marriage. They just plan to get married;
[c] "A" and "B" jointly purchase a property ("X')prior to the registration of their marriage;
[d] "B" met a fatal accident and if "B" is intestate then "B"' portion in "X" will be distributed according to the law governing her. For sure, there'; be nothing left for "A" as both "A" and "B" are not a couple in law.
[e] presumably "A" is not interested to fight for "B"' portion in "X" BUT bear in mind any benneficiary of "B" will become joint owner of "X".
[f] the Beneficiary of "B" might collect rental from "A" if "A" is staying/using "X"

Therefore, my dear fren out there, please don't simply joint venturing with the things uncertain. it is to avoid unnecessarily troubles in future.

I fu r really in dire need of purchasing the saId Property, what u can do is get your marriage registered. Then it will be more secured for either party thereof.

All the best to u!

Cheers...

Answer 7

I would say NO. If something were to go sour in your relationship this could create a huge problem. If you are planning on getting married, I would wait until after the wedding to purchase a property. Also the titling of the deed would need to be changed after marriage. This costs money to have changed. This is all up to you but I would wait. There is plenty of time to purchase at a later date.
Good luck
Bob Laibach
www.gogreedy.com