Buying property

[sam007]

What is the name of your state (only U.S. law)? NY

Guys, I have to make two major decisions in my life in the next few months
1) Get married
2) Buy a house

Now, I have no reasons to think about divorce or separation at all because we have been together few years and it's a mature relationship. However, I'm just curious if there are any best practices when buying a home to safeguard oneself

I'll be putting over 95% of the down payment toward the house which means I don't really need her to help with it. Do divorce settlement law look differently at a couple where the man paid the down-payment or it doesn't really matter who paid the down-payment and it's split up 50/50 anyways if a divorce occurs? Also, does it matter if I bought the house before or after marriage from a divorce settlement angle?

Thank you

 

[sam007]

To add to that, what if she puts in 10% and I put in 90%. At settlement, would we get these original shares back and then split up 50/50 any increase in the house's value?

thank you

 

[LdiJ]

To add to that, what if she puts in 10% and I put in 90%. At settlement, would we get these original shares back and then split up 50/50 any increase in the house's value?

thank you

You could certainly have an attorney write up a prenuptual agreement to reflect that.

 

[sam007]

No i've considered a prenuptial but am against that

How would the law apply to our situation? I've been reading that the 50/50 split only applies to the increase in the value of the home for the duration of the marriage and the value pre-marriage goes to the person who paid for it

 

[mistoffolees]

No i've considered a prenuptial but am against that

How would the law apply to our situation? I've been reading that the 50/50 split only applies to the increase in the value of the home for the duration of the marriage and the value pre-marriage goes to the person who paid for it

That is generally correct, except you need to replace 'value' with 'equity' in your statement. Equity is value minus what you owe on it. Equity can increase either because the value goes up or the debt goes down. Regardless, without a prenup stating otherwise, the default would be for the parties to split the increase in equity.

If you're thinking about a prenup, I'd be very careful. First, it can be expensive and the can be overturned, especially if the other person doesn't consult an attorney. Also, asking for a prenup can create emotional / trust problems. Plus, given the scenario you're describing, it seems that the fair thing is for you to keep your contribution and her to get 1/2 of the gains, anyway.

Just make sure you keep track of your documents so you can prove your contribution if it comes to that. If you don't need her portion, it might be simpler without it, but again, she may emotionally feel a need to contribute. Shouldn't be a problem that way, just keep track of the documents.

 

[nextwife]

I'd buy now alone, personally.

At minimum, I'd buy now, and utilize an ownership agreement giving yourselves ownership percentage based upon contribution percentage and spelling out all the "what-ifs" and how you are obliagted to handle them.

A review of the archive may provide a bunch of what-ifs.