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Mortgage house after we get married?

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NavyBlues

Junior Member
What is the name of your state (only U.S. law)?
Georgia.

My fiance' and I live in separate homes. He has provided most of my support for the last two years. I do not have a job. I've been going to college. We are both in our 50's. We have been looking for a house for over a year. I found one we both love. It needs a lot of work before the bank will loan $$ on it. The plan is that he pays cash for it; we do the work together to get it so that we can move in; we get married; we move into the house together; and he gets a mortgage so he can get his cash back out of it. He makes over 250k/yr. I may or may not get a part-time job after we get married. Also, it was his idea for me to stop going to school to move to the new house.

I know I will have no claim to the house when he buys it before we are married, but what about after we are married and he gets a mortgage on it? If things go bad later, am I just on the street? How do I protect myself? :confused:
 


Proserpina

Senior Member
What is the name of your state (only U.S. law)?
Georgia.

My fiance' and I live in separate homes. He has provided most of my support for the last two years. I do not have a job. I've been going to college. We are both in our 50's. We have been looking for a house for over a year. I found one we both love. It needs a lot of work before the bank will loan $$ on it. The plan is that he pays cash for it; we do the work together to get it so that we can move in; we get married; we move into the house together; and he gets a mortgage so he can get his cash back out of it. He makes over 250k/yr. I may or may not get a part-time job after we get married. Also, it was his idea for me to stop going to school to move to the new house.

I know I will have no claim to the house when he buys it before we are married, but what about after we are married and he gets a mortgage on it? If things go bad later, am I just on the street? How do I protect myself? :confused:

Realistically speaking one of you will have to move if things fall apart after the wedding. If the property is deeded solely in his name, that's going to be you.

(If you're both on the deed it could still be you)

You really need to find a way of supporting yourself, no matter what.
 

NavyBlues

Junior Member
?

I appreciate the advice. My question, however, was: If he mortgages the house while we are married is it considered 'marital property' in the event of a divorce (in Georgia)?
 

stealth2

Under the Radar Member
GA is an equitable distribution state. In a divorce, all property (or equity therein) gained during the marriage will be divided equitably (not necessarily equally) between the parties, regardless of whose name is on title, deed, or finance papers.

This website will explain things nicely:

http://www.divorcelawinfo.com/states/ga/gapropdiv.htm
Except the house will NOT be aquired/gained during the marriage, but prior to it. Presumably in his name.
 

OHRoadwarrior

Senior Member
If he makes 250k p/yr the proceeds of your house should be a no brainer. You both should agree that the proceeds be put into an emergency fund for you to get re-established in case you split up.
 

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