Discussions

So I am thinking about buying a home. However I am not sure on how this system works when it comes to living with your other half. We have agreed that we buy our own things, cars, entertainment and no joint accounts.so I am wondering if i bought a home with my own money and things went south what kinda financial issues would I be held accountable for.

Go to a lawyer and get things down in writing, bit of money out now has the possibility of saving a bunch of money later.

You can have a lawyer write up a cohabitation agreement. You will need to sit down together and determine what you are putting into the house together and what you want kept separate. You can add into a cohabitation agreement to keep your pensions, investments, inheritance, savings and lottery winnings separate from your partner. The cost for a cohabitation agreement will vary. Personally, I’ve paid approximately $600 to have one drafted and my partner had to pay a lawyer to review and sign a copy for an additional cost. Definitely worth investing in.

Recommend seeing a lawyer as there is homestead rights involved. You would want the Cohabitation agreement so that it covers you should things go south. And like mentioned, the Agreement covers more than just the house.

What are or is homestead rights?

http://web2.gov.mb.ca/laws/statutes/ccsm/h080e.php  
 
This is the link that explains homestead rights. Basically if you were to ever sell even if after a break up they need to consent to the sale as that is/was their “homestead”. This applies even if their name is not on title.  
 
I’d say an agreement is the best way to go to cover all your angles. As a house isn’t the only thing they can have an interest in, as mentioned, they can take a portion of any pension plans you may have as well,

So I guess my next question is if anyone has had one done up. Who would be a good lawyer to see for information regarding this?

Lawyers are all personal preference. Roy Johnston tds has a good family law lawyer, as does Paterson Patterson wyman & abel or meighens. Price of them can vary from firm to firm and lawyer to lawyer.