boyfriend/ girlfriend finances?

Question

my boyfriend is in the process of buying a house and has offered to put my name on it,if that is what it would take for me to feel more secure w/ "our" living situation. I don't know what would be a better choice, my name (therefore my share of rights) on the house and paying half of everything. Or to just "bank" my own money, paying much less (such as half the bills, none of the mortgage, etc.) my question isn't relationship advise. It's financial advice, and protecting myself financial. Also, what about the bank account? i have my own, and he has one under his company name, which is just a small operation, him and 4-5 guys doing home repairs. occasionally he gets kind of large checks put into his account, ($8,000.00 - $15,000). He has no one but a mother he never speaks to and two young kids w/ the ex., how should i protect myself against a failed relationship, his death, or even a lawsuit against him because of work or any other unforseen life issues. legal advice only pleze

Answer 1

Don't you watch Judge Judy?? Keep everything seperate until you are married and even after that -- why comingle? My husband and I keep everything seperate and never ever fight about money which I love!

Good luck!

Answer 2

My advice to you is that there is nothing wrong with putting yourself on the "title" of the house, but not on the loan. This would mean that he has to have your signature to get anything accomplished with the home but you are not responsible for paying the loan. If he goes into foreclosure on the home they will include you in the paperwork in efforts to try and get you to pay, but legally they don't have any information or right to sue you for the foreclosure monies. So, your safe.

As for bank accounts and what not, it depends on how much you want to be protected. If he puts an account into bad standing then it would be on your credit as well. However, if you are looking for the ability to use the money in the account you'll need to be on it. He should have a personal and a business account, not just a business one. Some banks will allow a business account to be opened without the person's personal side of it. However, you don't want to be on a business account unless you are prepared to be responsible for any of the financial difficulties it may have.

For security of your financial relationship... you should have an agreement that is notorized and signed by you both. You agree and he agree based on your conversations and if anything was to go bad... lay out how you would split everything up. It's kind of like a prenup only your not required to get married out of it. But if things got ugly, both of you would have back up to your previously agreed positions.

The things that you need to think about for the future... are life insurance policies... who's name's are on the vehicles and any other credit items and a living will. All of those will define where you want monies, items and what nots to go.

Hope this helps! Enjoy your relationship!

Dani

Answer 3

You should keep all your finance separate until you are married. That includes the home as well. The last part is for his interest, not so much yours. If you two ever break up, you being listed on the deed will be a big problem.

If you want to take a stab at shared finances, open one checking account in both your names that you pay household expenses from, and then both of you deposit money into it as agreed.

Most definitely you do not want to get a join credit card until marriage. That's only inviting problems.