How do I protect my investment?

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How do I protect my investment?

My husband is awful with money, and we have split our finances because of it. He lives paycheck to paycheck and has no savings, where as I have saved enough money for a down payment on a house. Considering I will be providing the down payment a well as paying 70% of the mortgage repayments, is there a way I can protect myself in case things go south in the future and we end up divorcing?

Asked on August 9, 2019 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You and he can enter into a written agreement called a "postnuptial agreement" (i.e., an agreement entered into after, or "post-," marriage, to distinguish from one entered into premarriage, a/k/a a prenuptial agreement) to specify that in the event of divorce, you receive the lion's share of the equity in the house (e.g. repayment of downpayment, plus 70% of the proceeds over that). This agreement has to meet all your state's criteria regarding such an agreement (e.g. wording, signing, whether it must be notarized or witnessed, etc.), so you are strongly recommended to go to a family law attorney, who can help with drafting and execution.


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