Buying The House Before The Ring
You may have heard the old adage: first comes love, then comes marriage, then comes Mary with a baby carriage. And, after marriage, comes the house — that’s the order everyone is used to.
According to a recent study by Coldwell Banker, the order of old has been upended. Many couples in serious relationships now are purchasing their first house together before getting married. The house is considered the new engagement ring. This news is on the heels of a study by the Center for Disease Control (CDC) indicating that cohabitation is on the rise. According to the CDC study, nearly half of all women now cohabitate before marriage.
While at first glance, buying a home together without being married may seem untraditional and fraught with the potential for disaster, however, it can have many benefits for the couple. When unmarried couples are forced to negotiate the sale of a home together, the process may actually point out problems the couple may have later on. On the other hand, it may show just how well they deal together under pressure. Buying a house together will force the couple to be transparent about their attitudes towards income and debt, and that’s a good thing. Buying a home without marriage may actually help prevent a divorce, because differences in the partners’ attitudes towards money are one of the main reasons that couples divorce.
Any couple choosing to buy a house together before marriage will be well served to consult with an experienced family law attorney in order to create a written agreement that can be signed by both parties that spells out the obligations of each party and specifically what will happen in the event of a breakup.
Buying a house together before marriage can be a good and responsible step to take. It can be very beneficial for all parties involved as long as the obligations of each party are made clear and plans are made in case there is no happily ever after. So, when someone asks you to show them your bling, you can show them your new front porch.