QUESTION
What kind of legal agreement do I enter into if I want to share ownership of my home with my significant other?
Asked on Oct 15th, 2014 on Family Law - New Jersey
More details to this question:
My S.O. and I want to live together. We both have/own considerable assets and have both been divorced. I have owned my home for 17 years and only hold a very small mortgage. We would like to add on to the house. The approximate cost of the addition would be about 10% of the market value of the property. How do we manage ownership, equity and future distributions should the property be sold? What are the basic first steps?
1 ANSWER
2 Awards
There are a variety of options including doing some agreement between the two of you, and changing the deed to reflect the ownership interest of each. You would probably want something that would protect each of you in the event one wants to move out.
Answered on Oct 17th, 2014 at 12:45 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship