I currently live on my own I arrived from spending a month in Jamaica yesterday. I bought land at a bargin price as the owner needed a quick sale and I want to build a house on it which is only less than fifteen minutes drive from a beach. The problem is that I dont want to live with my wife who has the cash to build it. She will need to return to Jamaica for couple of years to sort some things out and she doesn't wish to stay with her family out there , also there may be a problem down the line as she has put all the money In for the build if we were to split. The bottom line is I dont want anyone having a hold over me. I could raise money from my property but my repayments are now fixed for the next three years also it would be double the repayment cost If I raised the cash that way which could cause me a problem if the interest rate raises In three years.
What can I do ??
2007-03-28 06:03:34 · 3 answers · asked by Anthony B 2 in Business & Finance ➔ Renting & Real Estate
As to getting the funds from your wife. A lot depends on marital property laws where the property is. If the wife's funds are from an inheritance or pre-marriage quite possibly those are her assets in totality. If they become mingled with yours (you bought the property she builds the house) then those assets probably become marital property. A good deal for you as you can't unscramble an egg.
Check with legal counsel and find out about marital property where the property is located. This could be crucial in your decision.
2007-03-28 06:15:49 · answer #1 · answered by Roger C 5 · 0⤊ 0⤋
so you want to take your wifes money to build your dream house and then leave her and live in her money. nice!!!
2007-03-28 06:14:01 · answer #2 · answered by sabrina 5 · 0⤊ 0⤋
Huh?
2007-03-28 06:08:08 · answer #3 · answered by jim_elkins 5 · 0⤊ 0⤋