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Pre-Nup part II

tparty10tparty10 member
100 Comments
in New Jersey
This is a follow up to my earlier post -- about co-owning a home with my mom and thinking of doing a pre-nup.  After meeting with a lawyer I am going to do it. Apparently if things go super sour my FH could demand a sale of the home to get $$ he may put into it. It was actually kind of depressing - I am not even married yet and talking about divorce. My FI wasn't too thrilled about the pre-nup but we had a heart to heart and things are much better and he is ok with it now. I too was advised that he needs seperate legal council to go over the papers.
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Re: Pre-Nup part II

  • jaimelodyjaimelody
    2500 Comments Combo Breaker
    edited December 2011
    That is very true and oh so sad. But better to talk about it now than later.
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  • melliott09melliott09
    100 Comments
    edited December 2011
    We have a similar issue, our house is in my fathers name and FI's name. It's written up in our papers that we are to "buy each other out" in the amount that we have made in mortgage payments, not the value of the house or the work put it. Also, the person staying in the house has to remain there for a minimum of 5 years, so they don't walk away with a HUGE profit. Example; if we've made $100k payments on a $300k mortgage, our buy out amount to the other party would be $50k each. So there is still $200k in payments remaining for the party who decides to stay. If the house is then able to sell for $400k, the party who "bought out" the other, has to remain in the house for no less then 5 years, so that the homeowner can't walk away with the $200k profit.

    I'm assuming (and hopeful) that I can get my fathers name off the house, and refinance with my name, but I've been thru a divorce and I am still re-building my credit(no pre-nup the first time).
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