Q: I and my husband have been married for less than a year. I’d like to use the money I received from my parents prior to my marriage to purchase a property. I and my husband will be paying for the mortgage together. My understanding is that if we file for a divorce in the future, the property will be divided evenly, which is unfair as my parents’ money was used as the down payment. Is there a way to protect that? Can I draft a statement to show the value contributed by my parents and have my husband sign it?
A: You’re best advised in this instance to do a prenuptial agreement. Short of that, you should at the least segregate the funds received from your parents into a separate bank account – then memorialize with your spouse that you are going to use the funds gifted to you by your parents towards the down payment. Schedule a consult with a Westchester Divorce Attorney for a full assessment.