How can I keep a home purchase from being marital property?

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How can I keep a home purchase from being marital property?

I am trying to help two friends purchase a home. The mortgage would have to be solely in my name but they would pay the down payment and all expenses, including the mortgage, for the home going forward so I would not contribute anything monetary to this transaction. I am married and am the sole income for my family, my husband stays at home with our kids. How can I keep this purchase from being considered marital property?

Asked on August 1, 2012 under Real Estate Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You sound like a good freidn but PLEASE, do NOT do this.  You are placing your family in a position to cause financial ruin if you can not pay the mortgage should they default and in ruining your credit. And if the house is purchased during the marriage in your name it will indeed be considered marital property unless you have a post nuptial agreement of some sort (for which I would suggest an attorney).  Plus you could be considered helping to perpetuate a fraud on the lending institution. Think twice here. No, think three times. 


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