| plmmaifrance |
| (recently joined) |
| 07/09/07 02:22 PM |
How to protect myself?
|
Hi,
I just got married in NY, my husband bought an apartment right before our marriage. Now he can not afford the morgage due to the increasing interest rate. He wanna me to transfer all my money to pay off the morgage. I wanna to do so, but do i need to sign an agreement or something like that? (my husband also agreed to do so) Cause this apartment was bought before our marriage and all under his name. what agreement should we do? A prenup? but we already in marriage
| preemiemom |
| (Carpal \'Tunnel) |
| 07/11/07 10:09 AM |
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Re: How to protect myself?
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Have him put your name on the deed to the apartment.
Since it was acquired before the marriage, technically it is NOT marital property, regardless of the fact that you are NOW married.
Now, conceivably, if you well documented your payment to HIM to pay OFF the mortgage, if you ever split, you would have that as prove of your contribution TO the property DURING the marriage itself (which I would still do anyway, for your own protection.. make sure the check is made out TO the mortgage company, NOT to your husband, and make sure that the check notates the property name on the check, in addition to the account number).
But again, I would get him to put your name as a joint tenant in common with rights of survivorship. Meaning, if I have it correctly, that you jointly own the property and should either of you die, the other parties' interest in the property would automatically transfer over to the surviving party.
Do NOT, under any circumstances, pay off this mortgage without a deed that includes you!!!!!!! Love and marriage is all well and good and that's lovely and hate to be a pessimist, but to ask you to payoff a mortgage that your name isn't on, shortly after marriage sounds decidedly hinky to me, but I'm naturally distrusting ;)
| NancyD |
| (Pooh-Bah) |
| 07/11/07 02:55 PM |
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Re: How to protect myself?
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Definitely have your name put on the deed as a co-owner as part of the deal. No name on deed/no money.
A less desirable solution would be to loan him the money, but an IOU should be legally drawn up with the apartment or other real property as collateral.
Do NOT under any circumstances just give him the money to pay the mortgage. I don't want to say bad things about your marriage, but I would be suspicious of someone who asked me for a huge financial commitment right after marriage.