Q: How to protect home in the event of future disputes. As always, things are well between us. But thinking forward.
I am purchasing a home and have the mortgage, and purchase contract under only my name. I have been in a relationship for 11 years with the same women - she is contributing 5% towards our 15% down-payment.10% coming from me. All mortgage payments made will come from a bank account solely under my name. If in the event I do have her added to title, being we are not married - how can I protect myself in the future from lets say, we part ways, or dispute and sell the home. Is there anyway to cover myself, and have an agreement that she would only be due/owed a portion relative to her initial investment (of that 5%)?
**To Clarify - we are NOT married. Have been living together for last 7 years and have no children.
Memorandum of understanding doesn't seem to be sufficient - would a prenuptial agreement be my option? Willing to hire somebody if they would be able to assist and protect my future asset.
Thank you in advance!!
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A: This calls for a tenancy in common agreement. A good real estate attorney can help you with this.
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A: As her name is not on the title of the deed, she will not be a record owner. There a few ways of handling this, but I suggest a gifting or loan agreement since she is really not getting anything for her 5% of the deposit that is recorded.
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