More and more people are choosing to live together without getting married. They have children together. They buy family homes together. Many believe that if they live together for more than 6 months as “common law spouses” they acquire the same rights as couples who are married to each other.
Sadly, they are wrong, and never more so when it comes to the division of property should the relationship break down, and especially the family home.
Where the family home is owned in the joint names of the couple, then it can be owned beneficially as joint tenants or as tenants in common. Do you know what this mean? Do you know how you own your own home with your partner? Are you aware that if the family home is owned beneficially as joint tenants by you and your partner, then usually the value in the home is divided equally between you, regardless of who contributed what? Are you also aware that as a joint tenant, your beneficial interest will automatically pass to the other surviving owner regardless of what your will says? Do you know what a Cohabitation Agreement is or why you should have one in place?
If you would like to know the answers, or you have questions of your own, please contact the Family Department at Josiah Hincks. We can provide you with practical advice with solutions to protect yourself and avoid lengthy and expensive disputes.
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