Unmarried Couples Need Protection Too

A growing number of unmarried couples are investing in real estate together, triggering an onslaught of issues.

An estimated 5.5 million couples live together nationally, representing more than 10% of all households. Since it’s easier to get a divorce in most states, including Florida than resolve a property dispute, financial experts are urging unmarried couples to take potential problems out of the scenario before there is a problem.

"Talk now about how you are going to resolve disputes that may come up later," says Brent Rosenthal, a business and real estate attorney. If couples have a property dispute in a messy break up sometimes it’s too late to reslove the issue other than going to court.

The growing tendency to purchase property by unmarried couples and partnerships has seen interest grow since the release of the movie "The Break-Up" starring Jennifer Anniston.

"Treat it like a business arrangement, and enter into a written agreement that describes what will happen," said Rosenthal. "Go under the assumption that people don't last forever."

Many who purchase property in a partnership do not seek the advice of legal counsel before entering into an agreement. There are benefits to hiring an uninvolved third party like an attorney, many of whom specialize in real estate affairs in the Destin area.

There is no asset protection even in the few states that recognize common-law marriages for unmarried couples. The laws protect only legally married couples.

Certified financial planner Debra Neiman, co-author of "Money Without Matrimony," recommends unmarried couples go into a property or business purchase with a written agreement.

"You can call it a property agreement or a partnership agreement. It spells out who contributed what toward the purchase. Very often, one person has the capital, and the other has the brawn and contributed the sweat equity."