According to a new report from Genworth Canada, more unmarried couples are choosing to buy a home together, and if that sounds like your relationship, there’s some things you should be prepared for.
Increasing numbers of Canadians are prioritizing homeownership over marriage. While the two are not mutually exclusive goals, low interest rates and the security of homeownership, have many common law couples saying: “Let’s buy!” before “I do.” [Genworth Canada]
While no one likes to think about their relationship breaking up, unmarried, cohabitating couples should plan for this possibility and for the division of your shared property. Why? Because Common law couples do not necessarily share the same rights as married couples. That makes it essential to spell out who owns what (and who gets what in the event of a split) via a cohabitation agreement, whether that’s a 50-50 division, or another figure that reflects what each of you have invested into the joint property. [Genworth Canada]
If you and your significant other, married or not, are looking to purchase a home, please contact me.