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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: Re: Marriage penalty Date: 2/16/2000 3:04 AM
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Rayvt:

<<<<JABoa: "This example seems to me to be a great advertisement for pre-non-nuptial agreements.">>>>

<<<<JAFO: Or as they are known in the business world, a partnership agreement, or a joint venture agreement, or more likely today, an LLC.>>>>

"Which helps not at all with things like a mortage or home ownership."

It would depend on when the entity papers were executed and whether the entity bought the house.

"The mortgage company doesn't care about any side agreements you may have--if your name is on the mortgage they won't release you."

Agreed as to the first statement, that is why timing and proper documentation is so crucial. I was intending that any partnership, JV, or LLC be formed first and then purchase the property. Generally agreed as to the second statement.

"The financial section of our local paper has a never-ending stream of people asking how to get out of a house purchase made jointly by unmarried couples.

Usually neither party can make the payments on their own, and the departing party has no inclination to keep up their half of the payment. Often they also refuse to cooperate in signing to sell the house, too.

A nasty situation all around. I've always wondered at the thought processes that went on---they are not committed to each other enough to marry (which can be gotten out of in divorce court relatively easily) but go together in a house purchase (which cannot be gotten out of easily at all)."


Agreed, at least WRT those people who have a choice regarding marriage.

Regards, JAFO
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