How to handle title

Question

Folks - if I buy a property today (pre-marriage) with a large 30% down-payment, will this down-payment be protected in a divorce settlement 5 years down the line? After getting married in 6 months, I'll be adding my wife to the title

Or will a judge see two people on the title and simply say property belongs to both equally in spite of me being the sole contributor to the down-payment

Thanks

Bill Gulley · Answer

Generally, property acquired prior to the marriage is seperate, you should earn income and have your account, pay the mortgage to keep it seperate, otherwise you'll be paying with co-mingled funds. If you put her in title, then you'd have it as part of the division of property. There is also an issue of any marital interest. See an attorney.

But I suggest you not get married, if you're thinking of divorce before the marriage, I'd say there is a problem already. :)

Pat L. · Answer

Once you have children all bets are off...
Have the down pmt recorded as a loan to a 3rd party you can trust. 
Parents etc or in our case we use a rev. trust.
My last friends wife was a great housekeeper. 
When they got divorced she kept the house :)

Sam Dal · Answer

Well I saw an attorney already and he wasn't too clear - he just kept saying I should not have her on the title. I only plan on having her on the title after the wedding and then, she'll start contributing to the mortgage too. I don't mind if the property is split up but just want the down payment to come back fully to me since I paid for all of it

Ibrahim Hughes · Answer

In NJ, if you use the property as a principal residence that you both live in while married, she's already on title and has dower rights.  I agree - see an attorney.

Dawn Anastasi · Answer

Sounds like a prenuptial agreement would be in order.

Sam Dal · Answer

To add, I'm in NYS, an equitable distribution state

How to handle title

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