Common Law and Division of Property

[NuvemM]

My fiance and I have been living together for 2 years and 2 months. Last year in August we purchased a house with my parents, where they have 50% of the title jointly and I have 24.9%, while my fiance holds 0.1% of the title.

Should we separate, he would only be entitled to a claim of my share, correct?? Will my parents' share in the property be protected??

NM

[Mess]

Who has the other 25%?

He has no claim to your share, just whatever he pays into the house. If you were married then it's a different story, but common law there is no mat home rules.

[NuvemM]

Sorry, I have 49.9% he has 0.1% and my parents the other 50%.

When we get married next year, will it change? Will he automatically be entitled to a claim on my share? I just want to make sure my parents interest is protected. I know I should've asked all this to the lawyer... but live and learn. There was a lot of things I didn't ask.

[Rioe]

I imagine what you want is a prenuptial agreement to ensure that the home ownership remains at the desired proportions, otherwise I believe that marriage would immediately make it 50% parents, 25% you, 25% him, if your parents are on the title with you. I don't think marriage to you would do anything to your parents' half share, but it should be looked into just to make sure.

There's some funny financial rules about the matrimonial home, I've learned, that don't apply to anything else.

[HammerDad]

He will most likely be entitled to a portion of your share. But your parents portion depends on a lot of factors like:

Was the house bought outright, meaning no mortgage? If so, then each parties interest is fairly well distinguished and the only thing he would be entitled to from that point forward would be growth in value and once it becomes the matrimonial home, probably 1/2 of your portion. If there is a mortgage which he is contributing to, he would most likely be entitled to much more value should you guys breakup lets say 5-6 years down the road. I would really recommend speaking to a lawyer. He would probably have a good argument for unjust enrichment down the road should he actually be contributing to a mortgage and maintaining a house, yet only receives .01 of the equity (but his actually contribution exceeds such amount).