Also as an FYI, I had to provide bank statements from the previous like 3 or so months. I had to explain the relatively large sum that appeared in my bank account a few months prior that was clearly not from a job. It was because I had closed out another account so I had to bring in statements from that account, too.
This may have been because I was just barely making enough (on paper) to get a mortgage (as I was in between grad school A and grad school B so technically not really working) but I don’t know.
I bought my house in May or June of 15 so this is very recent.
@nrdsb4 I do love my house. Unfortunately, several things went kaput in the first year (which I was expecting as I knew how old several of the appliances were) but we should be good for several years now knocks on all the wood within reach.
In hindsight, it ended up being a REALLY good decision because this house is a ranch style (with a mostly finished basement). Another one we were looking at was a split level with lots of stairs. Since getting sick, I can’t go up and down more than a few stairs so a sprawling, flat house is perfect for me :). It’s even wheelchair accessible since it’s a mostly open floor plan.
@romanigypsyeyes I also remember when you bought your house. I’m glad you love your house. Add me to the list of those who hope you get your autoimmune disease under control soon.
They have had to jump through hoops to get the mortgage. Bank statements, accounting for every cent that went into those accounts. They even had to provide copies of college transcripts.
We have several friends who practice family law in our state as does my D’s boss. With our friends kids who have married in the past several years none have done a pre-nup after consulting their attorney. The advice they have received is that each of the partners come into the marriage with sole and separate property and any gifts or inheritance they receive are also considered sole and separate property. Care needs to be taken to not co-mingle those assets. I’m not concerned with disbursements being comingled and becoming community property. I consider that part of what she will bring to the marriage. Just want to make sure we protect the cash she brings to the relationship prior to marriage in case the relationship doesn’t work out quite like they planned.
As I have said no control issues going on here. I am thankful my kids come to us for advice. We have the policy of take what you like and leave the rest. We offer our opinions and share our experiences but ultimately decision making is up to them. If any of my children want a pre-nup we will help them find someone to advise them. We would not push them on them.
are you concerned about a possible future divorce and loss of equity even if most of the cash put into the home is from you and your daughter? if so talk to a family/divorce attorney in your state…every state has different laws…on how money and property gets divided.
@lololu We did the same thing. My parents loaned us $30K, we had a private repayment plan at a market interest rate, which was then 12%! We paid them back years ahead of schedule.
