If I buy home in my name and my spouse and I end up divorcing, how can I protect that asset so he couldn’t get half?
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If I buy home in my name and my spouse and I end up divorcing, how can I protect that asset so he couldn’t get half?
Marriage is struggling. Credit is bad. We want a home for kids so are considering buying home, but I would be buying it. If we end up divorcing, how can I protect the home so he can’t get half. Is it enough that I bought it? Would waiver of marital asset form at title company be sufficient or is he just getting half? We also have a rental property. Would court give him that asset and me the home? Just want to make sure that I can stay in the home and afford it if something happens.
Asked on November 8, 2010 under Real Estate Law, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am sorry for the state of your marriage. Giving you guidance here, though, may not be best. It may be best to obtain guidance from an attorney in your area. I can, though, give you some general information that can help you make a decision on how you will proceed. When you say that "you" would be buying it a red flag goes up for an attorney. Unless you are buying the house with funds that are clearly separate property under the law - which are inherited funds or funds that were yours prior to the marriage AND have been kept separate all these years - you are buying it with marital funds and it is a marital asset, even if only your name is on the deed. The rental property too. If you do choose to purchase the house how you divide your assets between you in a divorce is generally upheld by a court. Get help. Good luck.
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