3 Reasons Not To Be Homeowners Before Marriage

By

why you should not buy a house with your boyfriend
More and more young couples are buying a house together before saying 'I do.'

Save yourself a lot of heartache by avoiding the new trend of millennial couples who are buying homes together before they're married. A recent study by Coldwell Banker found that "about one in four married couples younger than 35 bought their first home together before they actually tied the knot." Although more and more couples are making this enormous financial commitment, how smart is it really? Even if setting up house is on your bucket list, here are three reasons not to buy a home with your honey before you're married:

1. No marriage contract means no home contract. The major difference between dating and being married is a commitment to one another for life contractually. It is truly, "Signed, sealed, delivered — I'm yours!" Without that marriage contract, financial arrangements are murky and messy. In fact, a New York Times article reports that "real estate lawyers say that there are more complications for unmarried property owners who part ways than there are for married property owners who divorce — and a less clear process for resolving them." By default, our laws are suited for married couples acquiring assets," says Luigi Rosabianca, a real estate lawyer in Manhattan. If you are not willing to commit to each other for life yet, then entering into a financial commitment — like buying a home together — is a bad move right now.

2. You will be married to your partner's credit. When unmarried couples enter into a financial contract — like a home purchase — both credit scores are affected by the success of that joint agreement. If your boyfriend decides he's done with the relationship, his credit is now attached to you because you share a mortgage. Getting his name off of the mortgage can be a major legal battle and more difficult than getting that sofa-sleeper up the stairs. According to Realtor.com, if one party defaults on the loan, it affects each borrower's credit score negatively and could lead to foreclosure, which drops your credit score by 100-300 points and negatively affects it for seven years. Keep reading...

More commitment content from YourTango:

Article contributed by
Advanced Member

Scott And Bethany Palmer The Money Couple

YourTango Expert Partner

The Money Couple, Scott & Bethany Palmer are authors, regulars on national TV, radio and speak internationally about “Love and Money”. With 40 years of combined financial planning experience they launched The Money Couple and have dedicated their lives to helping couples bring their love and money together. Scott and Bethany enjoy an active lifestyle living in Colorado with their two young sons, Cole and Cade.

Take our FREE Money Personality Quiz

Check for Financial Infidelity with our FREE Money Relationship Index

Sign up to receive the FREE Money Couple Minute!  click here

See our NEW BOOK, The 5 Money Personalities™: Speaking the Same Love and Money Language

Location: Colorado Springs, CO
Credentials: Other
Other Articles/News by Scott and Bethany Palmer The Money Couple:

I Love To Spend Money. So Why Do I Hate Myself When I Do?

By

If you love to spend money, but hate yourself when you do, you are not crazy. Many of us love to shop, buy gifts or conquer a great sale. But afterwards we feel that gnawing in our stomach. That doubt. That guilt. We often get questions from readers about this feeling. For instance, Brooke, a participant at one of our events, told us this story:  I ... Read more

Getting An F In Marriage? 3 Assignments To Help You Pass

By

School may be over for most kids, but for some parents in Oklahoma, it's only beginning. Oklahoma lawmakers signed a bill this month requiring divorcing couples with children under the age of 18 to complete a mandatory educational program. We guess parents are not going to be thrilled about this forced enlightenment and yet compatibility with your ... Read more

Forget Sexual Compatibility – Are You Financially Compatible?

By

In a recent survey, 1,000 single adults ranked financial responsibility higher than physical attractiveness when considering a mate. In fact, women ranked financial responsibility in a long-term partner to be equally essential as sexual compatibility. So how do you find a financially responsible companion? 1. Look For A Willingness To Discuss Money ... Read more

See More

GET MORE ARTICLES LIKE THIS IN YOUR INBOX!

Sign up for our daily email and get the stories everyone is talking about.

Ask The Experts

Have a dating or relationship question?
Visit Ask YourTango and let our experts and community answer.

FROM AROUND THE WEB