Yes, an unmarried couple or any two or more unrelated individuals can absolutely own a house together by having both names on the deed, typically as Joint Tenants with Right of Survivorship (JTWROS) (equal shares, automatic transfer on death) or Tenants in Common (TIC) (unequal shares possible, no automatic transfer), but it's crucial to have a written agreement, like a Declaration of Trust or Cohabitation Agreement, to define financial responsibilities and what happens if the relationship ends.
Your de facto partner may be entitled to a share of your house if it's deemed part of the relationship's property pool. Factors like contributions, length of the relationship, and financial arrangements are considered.
Co-ownership occurs when two or more persons hold title to the same property. Persons in this context could be individuals or legal entities, such as companies. The property could also be real or personal, but co-owned assets are often real properties.
Joint tenants have an equal share in the ownership of an asset. If a joint tenant dies, the other tenant (or tenants) has a right of survivorship. The deceased tenant's interest is not an asset of their estate.
If you are in a de facto relationship or married, you cannot purchase property only in your partner's name and use the grant.
In Australia, you generally need to have lived in a de facto relationship for at least two years, or have a child with your partner, or have made substantial contributions that would cause serious injustice if property wasn't split, to be entitled to a share of assets, though specific requirements vary slightly by state and situation, and it's not automatically half.
If only one of you is borrowing (i.e., the mortgage is in one name), while both of you are on the property title, then: The lender will treat the borrower (person whose name is on the mortgage) as solely responsible for repaying the loan.
It's important to note that there's no automatic entitlement for your partner to claim half of your house in Australia, whether in a de facto relationship or marriage. The division of property is a complex process significantly influenced by various factors and circumstances surrounding your relationship.
The Cons of Joint Ownership
Here are some important considerations: Loss of Full Control: Adding a co-owner means sharing control of the asset. Once a co-owner is on the title, they generally have equal rights to access or use the property or account, which may not align with your wishes over time.
The biggest mistake people make with wills is failing to keep them updated after major life changes (marriage, divorce, new children, significant assets), leading to outdated wishes; other huge errors include using vague language, choosing the wrong executor, not understanding that a will doesn't avoid probate, failing to meet legal signing requirements, and not telling anyone where the will is located. In essence, many people either don't make a will or create one that becomes invalid or ineffective over time, causing chaos and family disputes.
A co-owned property is a property that was purchased and is owned jointly by two or more people. Co-ownership is not a new concept. As real estate prices keep increasing, purchasing real estate with other people can make more financial sense.
The "2-Year Relationship Rule" refers to two main ideas: one, a recommendation by Harry Benson that couples should decide to marry or split by the two-year mark to build stable unions, based on data showing high break-up/marriage decisions then; and two, the 2-2-2 Rule, a proactive strategy to maintain romance by dating every two weeks, taking weekend trips every two months, and going on week-long vacations every two years. The first concept addresses commitment timing, while the second focuses on consistent quality time to prevent relationship lulls.
Moving out during a divorce is often considered a big mistake because it can negatively affect child custody, create immediate financial hardship (paying two households), weaken your negotiating power, and make it difficult to access important documents, while courts prefer maintaining the status quo for stability unless there's abuse. Voluntarily leaving can signal to a judge that you're less involved with the children and the home, making it harder to argue for equal time or possession later, even if your name is on the mortgage or lease.
No matter how long you live together, you do not gain the same rights as married couples. The best way to protect your interests is through a cohabitation agreement, which sets out financial arrangements and responsibilities. It can also set out what happens if you separate.
Leave your home in your will
The most common way to pass your home to your heirs is through a will—a legal document that sets forth your wishes for what should happen to your property and belongings when you die.
Joint ownership is a concept in property law that refers to the ownership of property by two or more people. There are four main types of joint ownership: joint tenancy with rights of survivorship; tenancy by the entirety; tenancy in common and community property.
Disadvantages of Co-Ownership
Co-Ownership may not be suitable if you intend to make your holiday property your main residence in the long term. As the property is divided among several owners, it cannot be used continuously throughout the year.
De facto relationships are treated similarly to marriages with parties having rights to make claims for property settlements. Cohabitation Relationships: No specific legal timeframe; rights may depend on the relationship's duration, nature, and formal agreements, affecting property claims and responsibilities.
The most common examples are gifted and inherited assets. Money or property given to one spouse as a gift, or received through an inheritance, is generally considered separate property and cannot be touched in a divorce, as long as it has been kept separate.
Between the third and sixth months, the relationship starts to deepen. Couples move beyond the initial infatuation and start investing more time and emotional energy into the connection. This is the phase where the couple navigates challenges and disagreements.
Yes, it is entirely possible for a person's name to be on the deed without being on the mortgage. For starters, a mortgage is only involved if the buyer of the home needed assistance financing their home purchase.
If you're both named on the mortgage, you're both responsible for the payments - including any arrears - even if one of you moves out. When you separate, you might be able to make other arrangements for paying it.
It is possible to be named on the title deed of a property without being on the mortgage. This means that you are not legally obliged to repay the mortgage but you have the right to ownership of the property.
How does divorce financially affect women? Generally, women suffer more financially than do men from divorce.
Don't rush and make emotional decisions, turn down opportunities to spend time with your children, say bad things about your spouse, take on more debt, hide income and assets, get a new boyfriend or girlfriend, or say anything on social media about your situation.