Do I still need a Prenuptial IF...

[M40]

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

Hi,

I'm thinking of this plan so that I won't have to ask future wife for signing any Prenuptial (it's a sensitive request, so I try to avoid asking that). Please let me know if I still need to have a Prenuptial IF:

PLAN1:

1. Purchase 1 home as a rental and pay it off and rent it out.
2. Purchase another home as primary resident and get a 80% loan.
3. Use Rent from rental home to pay for mortgage of primary home.
4. Claim Tax deduction on Interest payment of primary home.
5. Get married and live together in primary resident.
6. Split the income check into 2 direct deposits: one is sent to Child Custodian Saving Account with the amount that equal to the subtraction of husband Income - Wife income. The other is sent to Joint Account with Wife.

PLAN2:

1. Purchase 2 homes as rentals and get 75% loan each and rent them out. Use rent payments to pay for Mortgage and maintenant. Keep a separate Saving Account to take care of this Separate Properties.
2. Same as 6 above.
3. Purchase 3rd home with Wife and pay mortgage using Joint Saving Account. Claim tax on Mortgage interest with Wife.


It seems to me PLAN2 is better, simpler and fair to Wife.

Please give some advice to whether which Plan is better or do I have other options.

Thanks,

M40

 

[mistoffolees]

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

Hi,

I'm thinking of this plan so that I won't have to ask future wife for signing any Prenuptial (it's a sensitive request, so I try to avoid asking that). Please let me know if I still need to have a Prenuptial IF:

PLAN1:

1. Purchase 1 home as a rental and pay it off and rent it out.
2. Purchase another home as primary resident and get a 80% loan.
3. Use Rent from rental home to pay for mortgage of primary home.
4. Claim Tax deduction on Interest payment of primary home.
5. Get married and live together in primary resident.
6. Split the income check into 2 direct deposits: one is sent to Child Custodian Saving Account with the amount that equal to the subtraction of husband Income - Wife income. The other is sent to Joint Account with Wife.

PLAN2:

1. Purchase 2 homes as rentals and get 75% loan each and rent them out. Use rent payments to pay for Mortgage and maintenant. Keep a separate Saving Account to take care of this Separate Properties.
2. Same as 6 above.
3. Purchase 3rd home with Wife and pay mortgage using Joint Saving Account. Claim tax on Mortgage interest with Wife.


It seems to me PLAN2 is better, simpler and fair to Wife.

Please give some advice to whether which Plan is better or do I have other options.

Thanks,

M40

Either one will work. However, you're looking at some fairly complicated transactions and taxes will be particularly tricky. Make sure you have a good attorney who is familiar with divorce laws to set it up and a good accountant (also familiar with divorce laws) to keep track of everything and make sure the separate property stays separate.