Legal Question in Real Estate Law in Michigan

Mutual Home Ownership

My girlfriend and I want to purchase a home together. She has sizeable equity into her existing home that we are going to use as a down payment on the new home we want to purchase. She wants to protect that equity in the event that something would happen to either one of us or if we were to split up. She can't afford to make the payments without my income, but we are not able be married until early 2002, and this home will not be available if wait until next year.

What type of legal document can be made up to state that this amount of equity would go back to her or her estate depending on what happens? Is this a very easy document to have made up, and what would we expect to pay to have this drawn up?


Asked on 8/16/01, 10:51 am

1 Answer from Attorneys

Re: Mutual Home Ownership

To Whom It May Concern:

Without knowing more, it would appear that you and your girlfriend would need a pre-nuptial agreement to protect her equity in the case of divorce or death. The cost of such an agreement ranges between $750.00 and $2,000.00 or more depending on the complexity of the terms, the number and value of your assets, etc.

Sincerely,

Charles L. Nichols

(313) 561-5700

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Answered on 8/20/01, 4:40 pm


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