AGREEMENTS FOR UNMARRIED COUPLES
Agreements for Unmarried Couples
Couples who are not married may consider executing a cohabitation or a home purchase agreement. A cohabitation agreement is an agreement that outlines the division of assets, liabilities, responsibilities, and other factors unique to the partnership between a couple that lives together. The agreement may encompass a myriad of topics, including household responsibilities, provisions regarding the care of children in common, and the overall expectations for the relationship.
In addition to cohabitation agreements, unmarried couples can execute an agreement about the joint purchase of real property, like a home. Unmarried couples have two types of ownership: a joint tenancy and a tenancy in common. A joint tenancy contains a right of survivorship, meaning that if one partner dies, the other partner will automatically inherit the whole property. A tenancy in common does not contain a right of survivorship.
Maryland has a presumption against a joint tenancy. Therefore, if a couple seeks to own the property as joint tenants, they must expressly state that in the deed to the home. Otherwise, the couple will presumptively own the property as tenants in common.
Our firm can work with you and your unique circumstances and help you draft and negotiate an agreement that meets your situation.
Call our office at 240-396-4373 or click here to contact our office.
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