Legal Question in Real Estate Law in Arizona
I gave my fiance money for a home, do i have interest in the equity?
I gave my fiance about $7000 for a downpayment on our home. I am not on the loan or the title. if we break up or sell the house, am i entitled to part of the profit? how much? We have about $200,000.00 in equity if we sold right now. would i be better off demanding to be put on the title? can we use a quitclaim deed?
thank you
Jenny
1 Answer from Attorneys
Re: I gave my fiance money for a home, do i have interest in the equity?
If you take the statement of your question literally, the answer is no. You said it all, "I GAVE my fiance money for a down payment on a home...." If you gave him the money, was it a gift? What was your agreement when you gave him the money? did he promise to pay it back? when, how, with interest? Have you been contributing to payment of the mortgage loan? There are several legal theories that would support your claim for an interest in the property or a claim against him for money.
The real question is, What is he offering to do in consideration of your money given? This is someone you plan to marry, you should have a pre-nuptial agreement, but a prenup is of no force if you don't get married. Thus, if you don't have a wedding date, you should make a Cohabitation Agreement which states your agreement about assets, income, debts, expenses and what property belongs to whom and how.
The fact that you are asking the question, tells a lot about your situation. Please do not ignore this or procrastinate, take some action now to resolve the questions that are now uncertain or unstated.