Nowadays, the concept of romantic relationships is slowly being redefined, shifting toward a growing trend that has emerged among the younger generations. Millennials and Gen Z are increasingly choosing to forego traditional pathways and break away from the conventional romantic milestones of their ‘predecessors’ – they’re not rushing to the altar as often, yet they share the same timeless dreams of building a life together.
This shift in societal norms is most evident in the realm of homeownership, with more and more unwed couples choosing to invest in a home together, be it renting an apartment or purchasing a place of their own. Still, while exciting, this path is fraught with a host of potential and complex legal challenges that often arise if the relationship ends. Thus, without the conventional safety net of marriage, it can turn into a nightmarish prospect for those couples who, unfortunately, were not meant to be.
Speaking about this brave new world, Holly J. Moore, founder of Moore Family Law Group, asserts that understanding and preparing for the legal implications tied to financial commitments, such as homeownership, is not just prudent but essential.
“Homeownership is a significant milestone. But, when it comes to unmarried couples, it’s crucial to approach it with eyes wide open. You need to do everything in your power to save yourself a lot of stress and heartache that could come down the road,” Moore says.
Moore Family Law Group has been instrumental in handling complex legal issues surrounding family law. With years of experience under her belt, Moore has established herself as a trusted advisor in the realm of family law.
She highlights that if it comes down to a separation of an unmarried couple, and the lines of “who gets what” after the breakup remain blurry, the two parties will find themselves in a convoluted and frustrating situation. Despite that, many young couples rent an apartment or purchase a house without thinking too far down the line.
“Although we don’t want to think about it, breakups can and do happen for many reasons. My team and I have experienced a rise of phone calls from people who have recently split from their former partners and have no idea what to do next regarding the property they shared,” she says.
This is why Moore’s topmost advice for stress-free homeownership is signing a legally binding agreement before signing a lease or making a purchase.
Such agreements are far from being cold and detached documents, though. Instead, they serve as an invaluable tool for clarity and protection, deftly defining the terms of the relationship’s financial aspects, such as whether or not the property will be sold after a separation or kept and by whom. They also help define who gets which amount of money if the house or apartment is, indeed, sold.
“When love and finance intertwine, a written agreement is more than just a safety net. It’s a symbol of mutual understanding and respect,” Moore says. “Some people might think signing such a contract fosters mistrust or fear, but, in reality, it has the opposite effect: it nurtures clarity, fairness, and peace of mind in the long run.”
Most importantly, Moore elaborates that, should a couple fail to consider this type of agreement and then separate, their case cannot be heard by a family law court since the two parties were not married. Instead, it would require a civil court lawsuit, an unpredictable and taxing process.
“Civil courts are a whole other beast to tame, and they can be avoided if people simply take matters into their own hands and act responsibly toward themselves and their futures,” she adds.
For those who may be unsure where to begin, Moore’s second advice, tying into the first, is simple: consult a legal expert. Homeownership is much like embarking on an expedition: it can feel like a grand adventure filled with potential, but just like a seasoned guide can make the difference between a successful exploration and a perilous endeavor, so too can legal counsel when venturing into the prospect of shared property.
A reputable attorney can help couples understand their rights, responsibilities, and the potential legal outcomes of their financial arrangement. They can illuminate the potential pitfalls and guide individuals through the process of crafting a legally sound contract that protects both parties’ interests.
As the modern era unfolds further and circumstances evolve, it appears natural for people looking to build a life together to change their perspective – even if it’s just somewhat. For those moving away from the concept of marriage, homeownership can easily become a stress-free experience from a legal point of view, regardless of what might change with time. A critical part of this is, as Moore advocates, proactive legal planning that preserves everyone’s rights.
As she reiterates, “Owning a home together is a dream shared by most of us. And like any dream, it needs nurturing and protection. A fair, enforceable agreement is your best ally here, helping to foster a sense of security. After all, home isn’t just where you live; it’s where you love, dream, and grow together. You should do so with a peace of mind.”