It can be accomplished simply by including a clause referring to that form of ownership in the title to the property. Owning a home as joint tenants can demonstrate the long-term commitment in your relationship. Becoming joint tenants, or homeowners in general, usually makes more long-term financial sense than paying rent together year after year. Home ownership is an investment that can provide financial security for both partners and even partially fund your retirement. As joint tenants, both partners can tap into the equity in the home in case you need money for other purposes in the future.
Home ownership can provide significant tax benefits to the couple.
These benefits can, however, be more complicated when the couple is unmarried. A married couple that owns a home can take the mortgage and property tax deductions on their joint tax return. An unmarried couple cannot file a joint return and will have to figure out how to divide those tax benefits. If it makes more economic sense for one party to claim the deductions, the other should be compensated in some other way, such as by being responsible for fewer household expenses. This tax complication can be avoided, however, if the homeowner charges the other partner rent and keeps accurate books and records reflecting the payments.