Syracuse Business Daily

How to setup a joined ownership of the house with my girlfriend proportional to the amounts contributed?

I am a sole owner of the house now. I would to like to make it a joint ownership but not equal. In course of the ownership, we are planning to pay different but varying monthly amounts from our separate accounts. In the event my girlfriend and I split up I would like the ownership shares be calculated based only on amounts of the individual contributions. How do I go about that? Could I make that agreement such a way that it would remain valid even if we marry?

Public Comments

1. You would need to have a Deed of Gift drawn up by a local attorney and the two of you can have an appropriate percentage of interest in the property depending on how much each of you pays towards the mortgage. The attorney can probably advise you as to how to divide the interest or you can go in already prepared with a number in mind. If you marry, you would just prepare another Deed of Gift changing your girlfriend's name to her married name. These Deeds would need to be recorded in the appropriate courthouse and you can check with the attorney that prepares the document on what those fees would be.
2. . . . . remain valid even if we marry?" Boy, that sounds like a commitment - lucky her. At this point, she is a roommate. You own the house, keep it in your name. Have her pay rent 50/50 or 60/40. and 50/50 on the electric, etc. You should also pay for any repairs and upkeeps. Keep it simple. She may say that she is paying rent and you are building equity. The truth is, the monthly principle being paid is very very small. And if the property increases in value, she would be due her fair share.
3. You are begging for trouble. If she moves in - you pay the mortgage. Let her pitch in on the other bills - phone, cable, water, electricity etc... Don't put her name on the title until and unless you are married. It's so hard when your not married and you break up to split this up. Take care of yourself first. And if your so unsure that this isn't going to work, why are you having her move in? Think about this, and DON'T add her name to the deed.
4. Listen to the advice these kind folks are giving you. Don't forget, you're the one who's been paying for the house so far. You've presumably done the initial down payment, qualifying for the mortgage, etc. Plus, the house has hopefully gone up in value since you first purchased it. Are you proposing now to base the "ownership" on what each of you pays from here on? For how many years? The problem is that, if you split up, how will you decide what you "owe" her? Will it be based upon current market price? Which could be higher or lower than today's price, don't forget. Or ONLY based on amounts paid for mortgage? What about property taxes and maintenance? What about utility bills? That's a LOT of stuff to think about. Like the others said, keep it simple for now - just draw up a rental agreement between the two of you. Don't put your financial future at risk just yet. If and when the two of you do eventually get married, you can always talk about converting the rent she's been paying into some sort of equity share. Or even go 50-50 based on the value of the home at that point. Since it sounds like you're not sure you're headed for marriage, I'd seriously advise you NOT to put yourselves in some fancy agreement that will most likely have you tied up in knots if the romance breaks down! :) Good luck, FF