Legal Question in Family Law in Virginia

Put name on mortgage or gift letter?

Husband and I are buying a house. We agreed that I would pay 1/2 in cash as down payment, he would take out a mortgage for the other half in his own name. Both names would be on the deed. Mortgage company tells us either I must ''gift'' my husband with the down payment money (in effect, he is then buying the house with money I gave to him) or I must have my name on the mortgage and then obviously am responsible for it. Question: If we divorce, does none of this matter if both names are on the deed? I don't want my name on the mortgage as I am unemployed, but I am concerned he could trot out the gift letters and say I ''gave'' him 1/2 the house and he has been paying the mortgage so the whole house now belongs to him.


Asked on 9/09/08, 1:51 pm

1 Answer from Attorneys
Susan Allen The Law Office of Susan E. Allen, PLLC

Re: Put name on mortgage or gift letter?

You are correct to be concerned about this issue. You may enter an antenuptual agreement, which is very similar to a prenup. The difference is that it is executed after the marriage. Another option may be to enter a "tenants in common agreement." For a more in depth analysis of your options and for more appropriate advice, you should visit a real estate attorney.

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Answered on 9/10/08, 7:05 pm


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