Buying a home with family when possible marriages are involved?

Massachusetts Viewed 15 times. Posted 7 months ago in Real Estate

Ok here is the information my brother and i are buying a home together in order to improve our mothers life by her not renting. But this as well is improving ours so we don't have to rent. It would be a single family with a fully finished basement. We want to make sure that we cross all the t's and dot all of the i's. But we also want to make sure that if we get married and then get divorced, I am engaged already with a son, that neither party involved gets in trouble. In the outline can we make sure we include that in lew of that the wife of either can have access to the home? - Is this your question? Add additional information

Answers (1)

Christopher W. Vaughn-Martel

This attorney is licensed in Massachusetts. Posted 7 months ago.

This can be a really financially sound decision, and provide peace of mind for your families. It can also turn into a real nightmare if it is not done properly.

You should really speak to an attorney about the following:

1. each of the co-owners should have a prenuptial agreement prior to getting married; and

2. the co-owners should have an ownership agreement.

These really are essential. I have had many people come to me years after purchasing property together because they had never figured out what would happen if a co-owner wanted to rent a unit, live in the unit, sell his or her share of the property, or if large repairs were necessary, etc.

VAUGHN-MARTEL LAW