Being Married Doesn’t Necessarily Mean “Living Together,” From a Real Estate Standpoint

by Isaac Benmergui, Esq on November 6, 2013

Now that I’ve gone against the grain here with the common institution of marriage, let me explain: this isn’t about divorce. Rather, this is all about money, which practically surrounds the real estate stratosphere. According to the laws we currently have regarding real estate, believe it or not, it actually keeps the wallets rather fat for couples to live apart versus living in the same establishment. Crazy? I know.marriage

Rent-controlled apartments actually do offer low rates, so imagine a couple – one with a house, and the other with a smaller apartment – practically living apart, so to speak, and saving tons of money. Once you cohabitate, the mortgage payment or rent payment does tend to increase considerably. Keep two dwellings, and you might actually save some money. In the end, it doesn’t really matter, because your spouse can always “visit every day” if necessary, right?

Joint tenancies are another possibility. Traditionally, one person may own a home – but what happens when you allow a joint tenancy? You share the cost of the mortgage or rent. The only problem with this is the possibility of divorce. What do you do with the house or apartment? You can’t split it…. Overall, though, it makes for a quick and easy fix when dealing with too much money, especially when one spouse dies. The end result is the house automatically goes to the other without much headache.

For more information about ways to cut costs or streamline, simply consult with your qualified real estate attorney. Talk to your broker. Get more info. That’s what real estate law is actually all about: information.

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