Legal Question in Real Estate Law in Virginia
Sale of one house proceeds into another house
Prior to getting married in 9/04, I had a residence for 7 years. This residence was solely in my name and sold in 1/05. I plan to put the proceeds from this sale on a new residence with spouse in 3/05 as a down payment. Spouse paid nothing on first residence and has nothing to put down or into new residence.
Is there a legal way to protect those proceeds from the spouse should there be a divorce in the future causing the sale or buy out of the home?
Example�I would receive the proceed amount from the sale of first residence & the remaining value of the new residence would be split or I would only owe spouse half less my original down payment.
1 Answer from Attorneys
Re: Sale of one house proceeds into another house
In order to provide for and preserve the tracebility of the source of the down payment on your new residence which you intend to purchase jointly with your current spouse, you and he could jointly execute an affidavit attesting to the source of the above funds and the fact that he contributed none of his own monies to this down payment used for the purchase of this property.
This affidavit should suffice as proof of who provided what for this particular down payment in the event that there is a need to account for marital property at some point in the (distant?) future.
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