Relationship Status and Your Regina Home: What You Need to Know Title: Love and Property: How Your Relationship Status Impacts Your Regina Home Ownership

Love and Property: How Your Relationship Status Impacts Your Regina Home Ownership

Last week, we delved into the various closing costs associated with buying a home in Regina. This week, we're shifting our focus to a more personal, yet equally important, aspect of homeownership: how your relationship status can impact your property rights in Saskatchewan. This is particularly relevant for individuals who purchase a home while single and later enter into a marriage or common-law relationship.

What Happens if I Buy a Home While Single and Later Get Married or Live Common Law?

In Saskatchewan, if you purchase a home while you are single and subsequently get married or enter into a common-law relationship, your spouse or common-law partner may acquire rights in that property, even if their name is not on the title. This is a crucial point that many homeowners overlook, and it's governed by specific provincial legislation.

The Homesteads Act, 1989:

While the name might suggest a focus on agricultural land, The Homesteads Act, 1989 applies to homes in towns and cities across Saskatchewan. The essence of this Act is to protect the family home. If a property is considered a "homestead" (which generally means it's the place where a married couple or common-law partners ordinarily reside), then certain actions, such as selling or mortgaging the property, require the consent of both spouses or common-law partners, even if only one name is on the title

Who is Considered a Spouse or Common-Law Partner?

For the purposes of property rights in Saskatchewan, a "spouse" is someone to whom you are legally married. A "common-law partner" is generally defined as someone with whom you have lived as spouses for two years or more. It's important to note that these definitions can have significant legal implications for your property.

Implications for Your Property:

If your home becomes a homestead, and you later wish to sell or refinance it, your spouse or common-law partner will typically need to provide their written consent. This is designed to prevent one partner from making decisions about the family home without the other's knowledge or agreement.

For some couples, this arrangement is perfectly acceptable, as they view their assets as shared. However, for others, particularly those entering a new relationship or where one partner has significantly more pre-existing assets, this prospect might seem unfair or raise concerns about financial independence.

Seeking Legal Advice:

If you find yourself in this situation, or if you are considering purchasing a home while single and anticipate a change in your relationship status, it is highly advisable to consult with a lawyer. A lawyer can help you understand your specific rights and obligations under Saskatchewan law. They can also advise on options such as:

• Inter-spousal Contracts (or Cohabitation Agreements): These legal agreements can be drafted to define property rights and responsibilities between partners, potentially overriding the default provisions of The Homesteads Act, 1989.
• Joint Tenancy vs. Tenants in Common: Understanding the different ways property can be owned jointly can also impact how assets are divided in the event of separation or death.

Navigating the intersection of personal relationships and property law can be complex. By understanding the potential implications and seeking professional legal advice, you can ensure that your homeownership journey aligns with your personal and financial goals.

Contact your Regina real estate experts at Optimum Realty Regina to guide you with your Regina real estate needs.