As modern relationships evolve, more couples are buying property together, even without being married. But what happens to that property if the relationship ends?
Sarah Ocampo, a Las Vegas attorney specializing in estate planning, business, probate, and real estate law, addresses this increasingly common concern.
The Importance of a Property Agreement in Relationships
One key factor in avoiding disputes over co-owned property is having a written agreement that outlines what should happen if the relationship ends.
Without this agreement, dividing property interests can be difficult, often leading to stressful negotiations.
Risks of Co-Owning Property Without an Agreement
Many couples in the midst of a happy relationship may overlook the need for a legal agreement. However, the lack of one can result in complications.
If both individuals are listed on the property title, they must come to an agreement to divide their interest in the property fairly.
Without a pre-established agreement, they’ll need to negotiate the division themselves, which isn’t always easy or amicable.
Partition Lawsuits: A Last Resort for Dividing Property
When negotiations fail, one or both parties may resort to filing a civil lawsuit for partition. These lawsuits, while sometimes necessary, are often lengthy, costly, and emotionally challenging.
A partition lawsuit allows the court to order a division of the property, often resulting in its sale with the proceeds divided.
This outcome may not be ideal for either party, as it removes control from both individuals.
How a Written Agreement Can Prevent Conflict
To avoid these complications, couples are advised to create a written agreement regarding their property before any issues arise.
A well-drafted agreement can clarify each partner’s rights and responsibilities if they split, reducing stress and preserving a sense of fairness and harmony.
Legal Guidance for Property Division After a Breakup
For those already facing a breakup without an agreement in place, professional legal assistance can help clarify and resolve property issues.
Owning property with a significant other can be rewarding, but it also requires practical planning.
To protect your interests, consider drafting a property agreement early on.
If you’re facing a property dispute after a breakup, contact our office for a 15-minute complimentary consultation.
With expert guidance, you can navigate property division fairly and confidently.
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