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Hopeful Home Buying
Cohabitiation is nothing new. Couples have long been living under the same roof, even if its just been a rental, but a new trend of signing a mortgage before a marriage license is the current way to say “I (almost) do.”
It’s a well-known statistic that half of cohabitating couples split before walking down the aisle, so investing in such a large purchase prior to a public commitment seems a bit misguided. While it probably seems like a sure shot to go ahead and move into the home you plan to share eventually, just be aware that the plan isn’t without pitfalls.
If the relationship does end, you’ll need to be prepared to sell the house or buy out your ex’s half. To that end, it doesn’t hurt to draw up a legal document, similar to a prenuptial agreement, stating your expectations. If your significant other balks, it may signal a deeper lack of commitment you should talk about before you agree to a purchase.
Deciding to buy a home is a big step for anyone. Make sure you know what you’re getting into before you say yes! [Mercury News]