It has been said that falling in love consists of uncorking the imagination and bottling the common sense, and for many couples, buying a house together is an experience driven by excitement and emotion, especially in a market as hot as ours.
When a married couple in Texas buys a house, community property laws offer each person equal rights, responsibilities, and protections for their investment. But with more than 12 million unmarried partners living together in the U.S., and almost 13 percent of those being same-sex couples unable to get married in some states, it makes sense that the number of unmarried couples buying a house together is increasing.
For the unprepared couple, buying a house may mean buying trouble, too, as they fail to plan for the possibility of the relationship failing.
Dallas Realtor Franceanna Campagna has observed that firsthand with her clients.
“The home buying process is such an exciting and usually happy one, particularly for the first-time homebuyers, that people don’t like to drag in the three Ds of real estate: death, disaster, or divorce,” Campagna said. “However, I always advise clients that financial planning and estate planning is the best way to protect themselves and their investments from future unknowns.”