Buying a home with a boyfriend, girlfriend or business partner can be a risky endeavor in Cincinnati -- much more risky than buying a home with a spouse, anyway.  This is because, with respect to Estate Planning, married homeowners typically get protection on the federal and state levels from which non-married homeowners are typically exempt.

It's why non-married, joint homebuyers should make their own federal and state protection with the help of an attorney.

At a minimum, consider two agreements:

• A cohabitation agreement
• A property agreement

Hiring an attorney will cost a few hundred dollars you didn't plan for, but it's money well-spent.  The cost of getting the proper agreements in place and filed with the county is far less expensive that the cost of fighting a battle in court or, worse, in probate.

And don't think it can't happen to you.  It happens all the time.  People don't just break-up -- they die.

The worst legacy you can leave to a loved one is a mortgage payment that was manageable with two incomes, but that's an impossibility with just one.  A basic life insurance policy can alleviate that risk and policies are cheap.

The clip above was first shown on NBC's The Today Show in May 2007.  It's message is still important today.  Love is blind, but it can also be blinding. Not every partnership -- domestic or business -- ends in happily ever after and joint homebuyers need to be prepared for that.

Contact me if you're planning to buy home with a girlfriend, boyfriend, fiance(e) or business partner.  Beyond the legal aspect, there's some mortgage-related steps you'll want to follow to make sure your rates are as low as possible.

I'd be happy to walk you through the steps.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.