If one partner gives half of the property to the other partner as a gift and they later split up, the partner who gave the gift will find that she or he has no recourse to get the property deeded back. If you want to leave your partner the home in the event of your death, it's best to do it in a will or trust. These can always be changed. Don't forget, a will can be changed or destroyed at any time by the person who made it without the knowledge of anyone who is named in it. It is imperative that a formal written agreement be drawn up if domestic partners are to own property together.
T here are great advantages to owning a home, including the following list found on pg.
And it is an investment that you can not only walk around but add to and improve. It is one of the few almost foolproof ways to shield an investment from inflation. It gives you tax advantages. By allowing you to lower your income taxes through itemized deductions of the interest you pay on your mortgage and the taxes you pay on the property, your Uncle Sam provides an indirect subsidy for your home. It gives lesbian and gay couples some privacy from the sometimes hostile world.