(Closed) feed back needed: home bought before marriage equity accrued

posted 6 years ago in Relationships
Post # 3
Member
1212 posts
Bumble bee
  • Wedding: September 2012

I think the way you have brought it up is out of line in terms of ‘expecting the marriage to fail’.

 

Is there any option for you both to buy a house together or have him added to the mortgage? If you are going to get married at some point you have to let go. I’ve been going through the same thing myself, I have 2 houses that would be on the line. I’ve gotten him on the mortgage for one, still not sure what to do with the other.

Post # 4
Member
14445 posts
Honey Beekeeper
  • Wedding: June 2011

I dont undertand why he would need to sign paperwork saying he had nothing to do with the purchse. He’s not on the mortgage, hes not on the deed… end of story, he has nothing to do with the purchase.  What is he paying now is RENT, not the mortage and renters dont have any equity in the home they are renting. 

Post # 5
Member
284 posts
Helper bee
  • Wedding: May 2012

Divorce laws vary from state to state, but in general, prenups are a good idea when one of the parties has a much larger chunk of assets (a family business, etc), that need to be protected if the marriage fails. In this case, no one’s name is on the ‘deed’ but the bank because there is a mortgage, but yes, in theory if one had xk equity in the house, and got divorced, half of that would belong to each spouse (again, state laws vary, you need to check the laws where YOU live). Only you can determine if the amount of money you have in the house is enough to cause you to break up if he refuses to sign a pre-nup. It is easy enough in a pre-nup to apportion out the equity if he is paying half the mortgage (ie, you get all the downpayment money back, plus 100% of equity accrued as of the marriage date, plus x percentage of the accural after the marriage). It does seem reasonable that if he is paying part of the mortgage that he should get some equity benefit out of it as well, just not a 50/50 split on *all* of it.

Post # 6
Member
963 posts
Busy bee
  • Wedding: August 2011

You should talk to a lawyer about this. Without a prenup, some states will consider the marital residence as joint property even if your the only one on the deed and you bought the house before marriage. Since your bf will be contributing to the mortgage, would you be willing to have a prenup that gives him some equity in the house, but less than your equity? He may be more amendable to an uneven split, then not getting any of the house.

Post # 7
Member
1252 posts
Bumble bee
  • Wedding: November 2011

You aren’t out of line, the house is your property and the equity in it is yours.  Paying rent is not contributing toward the equity, he’d have to pay rent to live anywhere – he is not building equity in your home right now any more than your other roommate is.  Aside from the fact that the vast majority of your mortgage payment is going to interest, taxes and insurance – NOT equity, even the small amount that is paying down principal is not equity that he is entitled to. 

As for after marriage, as PPs have stated it will vary by state.  In my state I believe that appreciation on pre-marital property that occurs during the marriage is still considered pre-marital property, so he would not be entitled to equity that builds on a house you owned prior to marriage even as it increased during your marriage. 

That said, the fact that he’s getting his family involved coupled with what sounds like not so great finances of his own would make me nervous enough to contact a lawyer before I married him 😐

The topic ‘feed back needed: home bought before marriage equity accrued’ is closed to new replies.

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