- Jurisdiction
- New Jersey
Hi,
So I've been down this road before in my first marriage. After we were already married, we purchased a home and my father gifted us money for the down payment. Fast forward 4 years, we ended up getting divorced and my ex-wife got 50% of the proceeds from selling the house. She contributed in paying 50/50 for the monthly house expenses (inc. mortgage) with me for those 4 years but she also made out with 50% of my father's gifted down payment money.
I'm about to propose to my new girlfriend and my father said he would be generous enough to gift us money for the down payment again when my future wife and I decide to purchase a home. I'm not looking to repeat history and I want to protect my father's money and also be fair to my new wife if she'll be contributing 50/50 to the monthly house expenses (inc. mortgage).
Is there a way I can purchase a home and have it setup so if we end up getting divorced that my father could recoup the down payment he provided to me to help purchase the home? And then if there are any profits after this I would split 50/50 with my wife?
Thank you!
So I've been down this road before in my first marriage. After we were already married, we purchased a home and my father gifted us money for the down payment. Fast forward 4 years, we ended up getting divorced and my ex-wife got 50% of the proceeds from selling the house. She contributed in paying 50/50 for the monthly house expenses (inc. mortgage) with me for those 4 years but she also made out with 50% of my father's gifted down payment money.
I'm about to propose to my new girlfriend and my father said he would be generous enough to gift us money for the down payment again when my future wife and I decide to purchase a home. I'm not looking to repeat history and I want to protect my father's money and also be fair to my new wife if she'll be contributing 50/50 to the monthly house expenses (inc. mortgage).
Is there a way I can purchase a home and have it setup so if we end up getting divorced that my father could recoup the down payment he provided to me to help purchase the home? And then if there are any profits after this I would split 50/50 with my wife?
Thank you!