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Buying property while married, to be kept by one spouse in case of divorce?

I'm looking at buying a 2-flat in Illinois with my spouse. As I had to give up working full time (one of us had to) I'd like to ensure that the 2-flat will belong to me, outright. Should we divorce, it'll be significantly harder for me to re-establish a decent income. We never signed a prenuptial and I was wondering if this is the kind of issue that a post-nuptial contract can address.

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  • 8 years ago
    Favorite Answer

    Yes, this is exactly the kind off thing that post-nuptial contracts address. They are basically exactly like prenuptial contracts- they just happen after you are married.

    I advise writing it out explicitly and signing it in front of a notary public. Make sure you state that both of you are aware of each others' financial situations, that you both consider this fair, and that you both have had a chance to ask an attorney to review it before signing.

    When creating my prenup, I used LawDepot. They have a free 7-day trial where you can create as many legal documents as you want. Just make sure you cancel before the 7 days are up or they will charge you about $30 (it is actually very easy to cancel). LawDepot was nice because you can enter what state you're in, and it will insert clauses that your state wants to see in the contract.

    The only problem I can see possibly arising is if a court considers it unfair. They don't have to follow prenups or postnups if they think one party is taking advantage of the other party.

    You might try to avoid that by saying clearly and succinctly why one of you had to give up your job, etc.

    Most attorneys also offer free consultations- so if you're worried, you can create a draft of a postnup, take it in to your consultation to get advice, and then leave before your 30 mins are up. :)

    Source(s): Experience
  • ?
    Lv 7
    8 years ago

    You're going to have to consult an attorney about this. Despite the increasing use of prenuptial and even postnuptial agreements, they can't always be relied upon to circumvent state laws, especially when it comes to major issues like property rights, inheritance, child support, etc. If a judge decided that state law superceded your post-nup, he or she could just throw it out.

    Also, even if only one partner was on the mortgage and deed, it still would not necessarily block the other partner's claim to the property as joint owner. The marital home is often treated differently than other assets, even when acquired by just one spouse before the marriage.

  • 8 years ago

    Go see a lawyer, if you are going to divorce your wife.

    Buying real estate now will just mean the attorneys get more.

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