Just like many traditions and milestones in life, millennials are doing things differently compared to past generations. Their take on job searches (and job expectations) are different. They communicate differently, opting to have text message conversations as opposed to calling on the phone.
As for the tradition of courting, getting married, then buying a home, millennial couples have their own take on this as well. Many are buying homes together before tying the knot. According to a USA Today.com report, nearly 25 percent of couples aged 18 to 34 bought a home together before getting married. This is a big leap compared to the 14 percent of couples who did the same a generation before (i.e. generation X’ers).
It also follows the trend that millennial couples are waiting longer to get married. The average age of men who got married was 28, compared to 26 nearly 20 years ago. The average age of women, 26, compared to 23 a generation ago.
It may be that buying a home personifies the commitment to a relationship that a diamond ring used to have. However, there are certain rights that still may be upheld even though the parties are not married; especially when it comes to interest in real property. If the parties later leave the relationship, they may only be able to leave with what they put into the house. This could create problems if one party used a majority of his (or her) funds for the down payment. Conversely, married couples would be presumed to split the value of the home upon divorce.
Since every relationship is different, it is prudent to consult a family law attorney for questions you may have about purchasing a home before getting married.
Source: USA TODAY.com, More Millennials get houses before getting hitched, April 17, 2013