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Cohabitation Property Rights For Unmarried Couples In North Carolina

Knowledgeable Legal Guidance For Unmarried Homebuyers In North Carolina

Purchasing your first home as an unmarried couple or individual is exciting, but it also presents unique legal challenges. At Kennedy Law Associates, we help you anticipate, prevent and overcome these challenges.

Our Charlotte-based cohabitation property rights attorneys have more than 25 years of combined experience. We focus on family law and estate planning, ensuring you receive counsel in both of these important areas. Our team members take the time to understand your specific needs, offering tailored solutions that protect your interests and help you make informed decisions.

Cohabitation Agreements & Understanding Joint Ownership

If you and your partner are considering purchasing property together, you should understand joint ownership. The two primary forms are:

  • Joint tenancy: Both parties have equal ownership rights, and if one passes away, the other automatically inherits their share.
  • Tenants in common: Each party owns a specific percentage of the property, which can be passed on to heirs. Knowing these differences is vital for making informed decisions about ownership rights and responsibilities.

Drafting a co-ownership agreement is equally important. This cohabitation agreement should clearly define each party’s financial contributions and responsibilities. It also outlines what happens if one party wants to sell or if the relationship ends. A well-crafted co-ownership agreement protects all parties involved and reduces the risk of future disputes.

Disputes may arise, even with the best planning. Having predetermined processes in place can resolve these issues efficiently. Our North Carolina cohabitation agreement lawyers can help you establish a framework for resolving disputes and keeping your investment secure.

Financing, Mortgages And Taxes: What To Know

Securing a mortgage as an unmarried buyer requires careful planning. Lenders will evaluate your combined finances and credit histories. It is important to discuss how you will manage mortgage payments and other expenses. Understanding how lenders view joint applications can help you secure favorable terms.

Owning a home as an unmarried individual also comes with tax considerations. You may benefit from deductions related to mortgage interest and property taxes. However, it is important to be aware of potential liabilities, such as capital gains taxes, if you sell the property. Our real estate attorneys can explain these complexities coherently so that you know your rights and options.

Protect Your Investment With A Charlotte Family Law Attorney

At Kennedy Law Associates, we have the comprehensive legal guidance you seek for your family law needs. Our cohabitation property rights lawyers are ready to provide guidance for purchasing a home as an unmarried individual or couple. Learn more by calling 704-512-0619 or using our online contact form to schedule a consultation.

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