Legal Question in Real Estate Law in Arizona

How can I protect my equity in my home but also allow my boyfriend to sign on

I own a home with a 250,000 mortgage and it is valued at over 450,000. which contiues to rise in value and due to the location will probably escalate in the next five years I would like to allow my boyfriend of 8 years to move in and to be added on to the mortage. He will also have to split the payment. Is it possible to somehow write a contract that in case we split up, the equity that I have in the home before hand reverts back to me and any equity obtained after he moves in to be split 50/50? I am just trying to protect my assets. I have also told him that in case something happens to him, he has to sign a paper that the equity in the home will come back to me and not his estate( he a policeman) He has life insurance for his children(from a previous marriage)If this is possible, what type of attorney do I hire to do this, a real estate attorney? Any help would be appreciated.

Thanks!


Asked on 5/12/06, 2:01 am

2 Answers from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Re: How can I protect my equity in my home but also allow my boyfriend to sign on

Yes, you can accomplish your goals by making a Co-habitation Agreement with your boyfriend, a contract that spells out your agreement about the home, as well as how you share expenses, and joint purchases and other details of the relationship. I would recommend an attorney that has experience in preparing these agreements as well as experience in estate planning, wills and trusts, so that the consequences of a breakup, accidental injury or illness which causes disability, or death are also covered by this agreement. My firm would be able to prepare this kind of document for you, if you would like.

Don Scher

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Answered on 5/12/06, 10:09 am
James Jenkins Jenkins Law Center PLC

Re: How can I protect my equity in my home but also allow my boyfriend to sign on

Yes, such a contract is possible, and critical to protect your interests. There are pitfalls as well for you.

This contract could be drafted by those who do estate planning, real estate or general contract work. If you would like to speak to us in a free, no-obligation consultation call 480.835.1500.

Best regards,

James D. Jenkins

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Answered on 5/12/06, 10:09 am


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