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Buying With Fiance |
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My fiance and I are planning on buying a house together & eventually getting married. I was advised that we should each have a legal document verifying how much each of us give as a down payment in the event our relationship ends. Is this something people are doing? I don't want my fianceto take it personally & think that I'm already thinking of the worst. Also if the relationship ended would I get my portion of the down payment back? How can I advise him that this is a good idea without making him think I'm thinking negatively? I just want to be prepared and not go into something blindly. |
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You're getting good advice, and a non-nup pre-nup would protect your fiance also, and could prevent real problems in the future. You can always say your lawyer insists; that's one thing lawyers are handy for.
Besides documenting your individual contributions to the purchase, an agreement should cover all sorts of unpleasant possibilities. What should happen to the property and its expenses if one of you becomes unemployed, gets transferred out of town, disagrees about whether repairs are needed, wants to move in a sick relative -- there are lots of possibilities besides breaking up, and a lawyer can probably think of others.
This is standard procedure whenever unmarried persons buy a home together. |
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Edith
Originally published on January 19, 2008 |
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