Home Sweet Home?

[homesweethome1]

I currently live in Illinois.

I am a single male with no children. I recently met a great girl who is divorced with two children ages 6 & 12. We are looking at houses together and I plan to put this home in my name. She will contribute to mortgage but I will hold the mortgage in my name. She has no money to put down but earns good money to help in paying the bills.

My concern since i have been through divorce twice before is that if we
"unfortunately" decide to split once in this home with her children, will i lose any portion of this home?

Is there anyway to protect myself and my life savings?

Thank You!

 

[Antigone*]

I currently live in Illinois.

I am a single male with no children. I recently met a great girl who is divorced with two children ages 6 & 12. We are looking at houses together and I plan to put this home in my name. She will contribute to mortgage but I will hold the mortgage in my name. She has no money to put down but earns good money to help in paying the bills.

My concern since i have been through divorce twice before is that if we
"unfortunately" decide to split once in this home with her children, will i lose any portion of this home?

Is there anyway to protect myself and my life savings?

Thank You!

Keep your finances totally separate and title the home as your separate property.

 

[LdiJ]

Keep your finances totally separate and title the home as your separate property.

It would also probably be wise not to allow her to put any money into your home either. It would be fair for her to help with the bills since you would be providing her housing. However, I wouldn't allow her to contribute to the mortgage or any repairs/improvements. Legal issue or not, that can create a sense of entitlement that could make things more difficult later on.

I would also recommend that you buy no more house than you can comfortably pay for on your own, whether you would qualify for something more or not, and that you budget your money so that you can take care of all the bills yourself if needed.

 

[NellieBly]

You "recently" met someone and are moving in together?

That does not bode well.

 

[stealth2]

You "recently" met someone and are moving in together?

That does not bode well.

Especially for the kiddo.