Co-ownership not married

[sudofdisk]

LdiJ and litigo, thank you for that information. You posts were very helpful.

 

[ecmst12]

You could find yourself in trouble if SHE starts holding herself out to be married, even if YOU do not.

And it's actually much worse for you to NOT be married and find yourself with a need to separate co-owned property and debts. If you are married, there is an established court process to separate assets (divorce). If you are NOT married, then you are stuck with negotiation (which may not work if it's an ugly breakup) or partition suits (which basically end up with everyone losing money). Marriage actually PROTECTS you in this kind of situation.

Buying a house with someone is a very big deal and you shouldn't really be considering doing it with someone that you're NOT planning on staying with for a very long time anyway.

 

[tranquility]

Not to put too fine a point on things, but problems can develop even if you still are in a good relationship. The bottom line is that it is never a good idea to have different people own a property than who owe on the property. The mortgage should be held by the exact same people who own the property.

 

[Silverplum]

You could find yourself in trouble if SHE starts holding herself out to be married, even if YOU do not.

That's precisely what I thought the OP would grasp in conjunction with the posts made by others. Thank you for making the blunt point required.

And it's actually much worse for you to NOT be married and find yourself with a need to separate co-owned property and debts. If you are married, there is an established court process to separate assets (divorce). If you are NOT married, then you are stuck with negotiation (which may not work if it's an ugly breakup) or partition suits (which basically end up with everyone losing money). Marriage actually PROTECTS you in this kind of situation.

Buying a house with someone is a very big deal and you shouldn't really be considering doing it with someone that you're NOT planning on staying with for a very long time anyway.

I agree.

 

[latigo]

What the dickens does the following garble supposed to mean?

Negative, we don't desire to get married and common law married is married ????????.

I understand common law marriage in the state of Colorado. . . . . .

If one or the other does not considered themselves married - “My girlfriend and I” - then you are not common law husband and wife no matter in which state the two of you are playing house.

And if the two of you do not intend to intermarry and yet carry out the plan to create an estate in cotenancy without the benefits of co-tenancy agreement, then you are not nearly as smart as you purport to be.

But there will be gobs of lawyers anxiously waiting to bail you out when this relationship goes sour. Because roughly 99% of them eventually fail.

These legal forums are replete with people such as you crying over spilt milk and facing enormous attorney fees, court costs, and having their precious real estate sold at a sheriff’s public auction.

 

[tranquility]

What the dickens does the following garble supposed to mean?





If one or the other does not considered themselves married - “My girlfriend and I” - then you are not common law husband and wife no matter in which state the two of you are playing house.

And if the two of you do not intend to intermarry and yet carry out the plan to create an estate in cotenancy without the benefits of co-tenancy agreement, then you are not nearly as smart as you purport to be.

But there will be gobs of lawyers anxiously waiting to bail you out when this relationship goes sour. Because roughly 99% of them eventually fail.

These legal forums are replete with people such as you crying over spilt milk and facing enormous attorney fees, court costs, and having their precious real estate sold at a sheriff’s public auction.

I agree with the above completely. But, consider this as well. Say something really bizarre happens and cash flow is reduced below the level needed to support both properties. Because the market just may not have reached rock bottom yet (Heck, some say that 50% of the properties seized by freddie and fanny are being held back in inventory and not on the market yet. Keep property values higher until after the election and all that.), you find you can't get rid of one of the properties fast enough.

Who's credit are you going to trash?

 

[ecmst12]

If one or the other does not considered themselves married - “My girlfriend and I” - then you are not common law husband and wife no matter in which state the two of you are playing house.

However, if one partner is going to claim a common law marriage and the other is going to deny it, then it will be up to a court to decide whether one exists and that will depend on all the specific facts and evidence. It could go either way, depending on what is presented in court. And owning property together is evidence in favor of a common law marriage - who knows whether the evidence OP might present AGAINST the existence of a marriage would outweigh it. It's a dangerous situation and I don't think we should give OP the idea that as long as he only ever calls her his girlfriend instead of his wife, then he will definitely not ever be found to have entered into a common law marriage.

 

[sudofdisk]

And if the two of you do not intend to intermarry and yet carry out the plan to create an estate in cotenancy without the benefits of co-tenancy agreement, then you are not nearly as smart as you purport to be.

My intent is to do this the "proper" way. When I asked the question I had no idea what a co-tenancy agreement was and now I do. I came here to gain knowledge and you are helpinig. I sincerely appreciate it.

 

[sudofdisk]

However, if one partner is going to claim a common law marriage and the other is going to deny it, then it will be up to a court to decide whether one exists and that will depend on all the specific facts and evidence. It could go either way, depending on what is presented in court. And owning property together is evidence in favor of a common law marriage - who knows whether the evidence OP might present AGAINST the existence of a marriage would outweigh it. It's a dangerous situation and I don't think we should give OP the idea that as long as he only ever calls her his girlfriend instead of his wife, then he will definitely not ever be found to have entered into a common law marriage.

I understand now, thank you for the clarification.

 

[sudofdisk]

DO NOT create an estate in cotenancy! I repeat, DO NOT create an estate in cotenancy!!!! Which is precisely your intention.

If you persist in going ahead as foolishly planned, short of matrimony, at least consult with an attorney experienced in real property law regarding first entering into a “Co- Tenancy Agreement” (TCA)!

Can you provide more detail regarding the differences between an estate in cotenancy and a co-tenancy agreement?

 

[Zigner]

Can you provide more detail regarding the differences between an estate in cotenancy and a co-tenancy agreement?

The attorney that you consult with would be the best person to advise you in your situation.

 

[ecmst12]

I believe the "estate in cotenancy" is what is created automatically when you buy property with someone other than a spouse. A "cotenancy agreement" would be a contract to dictate the terms of the cotenancy, which you would need a lawyer to prepare, PRIOR to purchasing any property.

 

[tranquility]

Can you provide more detail regarding the differences between an estate in cotenancy and a co-tenancy agreement?

What he means is that you shouldn't do it. But, if you are so headstrong and do it anyway, get an agreement first.

Kinda like, don't smoke. But, if you do smoke, use filters.