Legal Question in Real Estate Law in New York
Purchasing a home - Second marriage
I am 46, divorced and with 3 children, ages 23, 19, and 9. 2 older ones are in college. I own my own home, from a divorce settlement, valued at around $170,000. My fiance and I are planning to purchase a home together. How can I protect my equity in case our marriage should fail? Should we marry before buying a home? I have to protect my assets in case the marriage fails to provide for myself and especially my 9 year old. In New York State, I understand that whatever you have before a marriage is considered personal property and thus remains with you. But I don't know if this applies to monies put down on a new home. (I plan on putting about $50,000 down). Please advise.
2 Answers from Attorneys
Re: Purchasing a home - Second marriage
The best way to protect yourself and your property in this situation is to have a prenuptial agreement. New York allows for prenuptial agreements, but has very specific and important requirements for their execution. Consult an attorney familiar with these requirements. There is no point in having a prenuptial agreement which is not enforceable.
Re: Purchasing a home - Second marriage
The solution to your problem is to enter
into a prenuptial agreement setting forth
the separate nature of the property, its
disposition upon the unlikely event of divorce
and the disposition of other property
acquired after the new marriage
These agreements are not that expensive
and can be as little as 300 to 350 if done
by this office
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