I think bullet points would better represent my question, so here they are::
1 - My wife's father (my father-in-law of course), wanted to help us get into a larger and nicer home for our family and his grand children.
2 - Father-in-law gifts us a $140K +- to purchase home and we mortgage the difference, $180K +-.
3 - My wife and I have run into some marriage difficulties.
4 - Father in law wants me (us) to sign a promissory note for the gift over 2 years after the fact.
5 - There was never any discussion about repayment as he helps us all the time but not with this much money.
6 - There was never, and still isn't, any reasonable expectation of ever being able to repay the gift that he is trying to turn into a loan.
7 - I know he will never make her repay her half.
I am pretty sure legally I don't need to repay the "gift". If I sign the note I am agreeing to repay it even though it was never originally a loan, by signing I am making it one, correct. If I don't sign the note it is only going to add more stress on the marriage and harder to repair. The father-in-law has already threatened to file a lien, which I am not sure he can do.
Can the note be written with terms such as these:
1 - Repayment only required if there is a divorce between borrowers.
2 - Repayment to be funded by the sale of the borrowers residence.
3 - All repayment monies are to go into a trust for the grand children?
Please help and thanks for your time!!
1 - My wife's father (my father-in-law of course), wanted to help us get into a larger and nicer home for our family and his grand children.
2 - Father-in-law gifts us a $140K +- to purchase home and we mortgage the difference, $180K +-.
3 - My wife and I have run into some marriage difficulties.
4 - Father in law wants me (us) to sign a promissory note for the gift over 2 years after the fact.
5 - There was never any discussion about repayment as he helps us all the time but not with this much money.
6 - There was never, and still isn't, any reasonable expectation of ever being able to repay the gift that he is trying to turn into a loan.
7 - I know he will never make her repay her half.
I am pretty sure legally I don't need to repay the "gift". If I sign the note I am agreeing to repay it even though it was never originally a loan, by signing I am making it one, correct. If I don't sign the note it is only going to add more stress on the marriage and harder to repair. The father-in-law has already threatened to file a lien, which I am not sure he can do.
Can the note be written with terms such as these:
1 - Repayment only required if there is a divorce between borrowers.
2 - Repayment to be funded by the sale of the borrowers residence.
3 - All repayment monies are to go into a trust for the grand children?
Please help and thanks for your time!!