I am 30 years old and we have a child with my fiancé. We are looking for a house and buying one and a half.
My problem is that she has a 19-year-old daughter who came back to life after almost six years of MIA. He now lives with us and lives in our house we plan to buy.
I would like my daughter to take full possession of the house if something happens to us. She demands that both of her daughters be 50-50.
I’m not happy about that. I make most of the closing costs.
Is there anything I can do? I really want to build a future with her, but I’m nervous that my daughter will be left out – especially if I make the most money.
Any advice would be greatly appreciated.
I don’t think your fiancé can do it either way: expect him to contribute most of the deposit, and also demand that his teen get half the property.
Before making the biggest purchase of your life, think carefully if you are not happy with the terms. You may agree with a solicitor a compromise that your child will receive a higher share (75%) than your husband’s daughter.
Before you continue, you need to decide what kind of property you want. Example: joint rent with survivors’ rights means that you both have an equal share of the house, and if someone else dies, that share is passed on to the remaining spouse. You avoid a will and cannot pass the house on to third party heirs, but it has tax implications. Rent as a whole is similar, but open only to married couples.
How much of your financial independence are you willing to give up? Ultimately, this raises questions about your own estate plan and whether it makes sense to own real estate with your fiancé or buy real estate before you are married to your name. You have leverage and a granddaughter to take care of – two good reasons to be careful.
Whatever you decide, be sure to sign a contract that describes all the possible outcomes. There are too many warning stories with a couple of one member spends more on repairsor required by one unmarried partner putting his name on the act alone while both names are on the mortgage itself. This is a healthy conversation that needs to be held before entering into a house or marriage contract.
The demands of both sides do not bode well for future negotiations.
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