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Gay Joint Purchase and Savings Agreements

Gay Joint Purchase and Savings Agreements

It is likely that the two of you will purchase a major item together, such as real estate, an automobile, a computer, or furniture. In this situation, you may want an agreement that specifically addresses the terms of your purchase (called a joint purchase agreement).

A joint purchase agreement should set out who owns the item, how recurring payments (if any) should be made and divided, and what should happen to the item if you divorce, or one partner dies. These agreements are especially important where you and your partner wish to own an item together but one of you makes the actual purchase (for instance, when paying with a credit card). There will be only one name on the contract with the merchant, but you and your partner will have an agreement stating the two of you own the item together.

A joint purchase agreement can be beneficial if you and your partner plan to purchase and own real estate together. This type of agreement is helpful because it sets out each partner's rights and responsibilities as to certain aspects of the property, including what types of payments are to be made as well as what portion of the payment should be made by each partner. By creating a joint purchase agreement, you and your partner can become cognizant of each other's financial expectations (for example, if one partner earns less income than the other, one partner may pay a smaller percentage of the payments on property), and you can include provisions for changed circumstances, such as a new job or change in employment status. Should there come a time where you stop living with one another, an agreement about how mortgage payments and taxes are to be divided while you are both married, as well as how your property is to be treated in case of divorce, is important. Since decisions regarding real estate often have tax consequences attached to them, it may be best for you and your partner to ask an attorney for assistance in drafting agreements for the joint purchase of real estate.

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