My boyfriend wants to take over half of the $80K mortgage I took on in my divorce — but I don’t want to get burned again

Having home is the goal of life for most people – paying your home is a more achievement. However, what happens if you get a new partner? Should you add it to the verb or not? How can this affect your future?

Think about a 50 -year -old child now condemning $ 80,000 on re -mortgage. The finish line is close! Now, your friend wants it – not only to live there, but to help you financially by buying half of the house. He offers money and says he is ready for marriage. You love the idea of partnership. You are also hesitant, especially after burning it in a previous marriage.

What do you do? Allowing him to buy half of the house would reduce financial pressure, but do you prepare a legal and emotional headache on the road?

There is no doubt that the money of a life partner can help. If he bought half of the house at the market value, this may easily pay the remaining mortgage and leave you with some financial breathing room. You still have a house you love with someone you care about. However, it is not without risks.

Let’s take a look at the pros and cons to determine whether this is a good idea. Pros includes:

• Financial relief. Half of your home may allow you to get rid of debt, investment, or savings for retirement.

• Common future responsibilities. With two owners, costs such as taxes, large repairs and maintenance can be divided, making their administration easier.

• No need to move. Buying and selling together is an option, but if you love your home and buy it in a fun time, it makes sense to stay.

But there are financial and legal negatives as well – especially if you are not yet married. Below are possible negatives that must be taken into account:

• Loss of control. You are no longer able to make significant decisions about the property yourself. If you want to sell, borrow against the property, or make great promotions, you will need your partner agreement.

• The ability to lose home if separated. Once the name of your partner is on the verb, they become a complete participant owner. If things are disturbed, you may have no choice but to sell if they want to go out.

• There is no protection for marriage. If you are not legally married, you will not have the same property or legal guarantees that husbands do. In the event of disintegration or death, there is no automatic right to inherit or buy the other person.

• The risk of unequal investment. If one of you is pushing more towards mortgage, taxes or reforms, these contributions may not be reflected fairly unless the property shares are clearly determined.