Access to property is a life goal for many of us. Investing your money in bricks and mortar has many benefits, the most important one being that it is a safe and profitable investment. In addition to sharing costs, buying a home together is also an opportunity to bring couples closer and enhance a relationship through the acquisition of a luxurious property.
As future buyers, today’s modern couples require an understanding of the different options available to them, depending on their status. Married, in a civil partnership or simply cohabiting, each status has a secure legal structure through which the purchase can be made confidently and without obstacles or difficulties.
Cohabitants, whether they are civil partners or married under the ‘separation of property’ scheme, do not legally have common property. Joint possession makes it possible to buy a property for two without going through the community of property. If this is the case, every individual is the owner of their personal investments.
The amount of financial contribution determines the share of each cohabiting partner. If one of them has to borrow money, they will do it individually and will therefore be solely responsible for the repayment.
Joint possession requires a bilateral agreement, which means that if one of the parties wishes to move on, the second can not oppose it. The drafting of a joint possession agreement with a notary is therefore recommended to guard against unforeseen circumstances. It allows the establishment of the terms in case of death or separation and therefore protects cohabitants from an intervention by the high court, which in the case of a disagreement between parties, may require the sale of the property.
The joint possession scheme does not provide for any rights for the survivor. The rights of the descendants prevail and they therefore take place within the joint possession. The drafting of a will, leaving for example the enjoyment of usufruct to the spouse, avoids ambiguous situations and the usual sources of conflict.
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