The generation gap may be widening between Millennials and the rest of the world. They already have their own sense of importance in the workplace (and take on working), they hold strong to their own mode of communication (text messaging) and have developed their own rules regarding sexual norms.
Not only are their relationships inherently different, their view of developing traditional families are as well. In addition to living together before marriage, more Millennials are buying homes together before tying the knot. This strategy may be blasphemous to older generations (especially baby boomers) but it represents a growing trend as people are waiting longer to get married.
According to a 2013 USA Today report, nearly 25 percent of couples aged 18-34 bought homes together before being married, compared to 14 percent of older couples in the same position.
Indeed, there are several economic factors sparking this trend even today. Mortgage rates are still exceptionally low, and the housing construction market is booming. As such, buyers who were priced out of the market for several years finally have the opportunity to take part in the American dream.
Even with this trend, unmarried couples are treated differently when it comes to dividing property. With unmarried couples, their property is presumed to be separate, which is different from how marital estates are divided. Essentially, marital property is presumed to be subject to equitable division, which means that the court is bound to find a fair way to distribute property.
To learn more about these differences, contact an experienced family law attorney.
The preceding is not legal advice.