Property Purchasing?

Q: My husband and I have been married for less than a year. I received money from my parents before we got married, and I would like to use that money for a down payment on a property. My husband and I plan to pay the mortgage together. However, I’m concerned that if we were to divorce in the future, the property would be split evenly, even though the down payment came from my parents’ gift. Is there a way to protect that contribution? Can I draft a written statement acknowledging the amount contributed by my parents and have my husband sign it as an agreement?

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.