Property Rights of Unmarried Couples FAQ

Questions:

• When is it important for an unmarried couple to make a written property agreement?
• What should a property agreement include?
• My partner and I are buying a house together. How should we cover that in our property agreement?
• My partner makes a lot more money than I do. Should our property agreement cover who is entitled to her income and the items we purchase with it?
• What is palimony? And should we make any agreements about it?
• Am I liable for the debts of my partner?
• If one of us dies, how much property will the survivor inherit?

Answer:

When is it important for an unmarried couple to make a written property agreement?

If you haven't been together long and don't own much, it's really not necessary to make a written agreement. But the longer you live together, the more important it is to prepare a written contract making it clear who owns what -- especially if you begin to accumulate a lot of property. And, if you buy a house together, it's a good idea to create a property agreement.

If you don't create a property agreement, you might face a serious (and potentially expensive) battle if you split up and can't agree on how to divide what you've acquired. And, when things are good, taking the time to draft a well-thought-out contract helps you clarify your intentions.