Quote:
Originally Posted by Traum
To me, this just more or less sounds like a prenup. As long as both of you agree to whatever terms you deemed is fair (between the 2 of you), I don't see why you should stop.
Bear in mind that the definitely of "fair" may seem fair right now, but it might not appear so fair later on. For argument's sake, let's say you came up with $60k, and your gf with $40k, for a grand total of $100k deposit. Also for argument's sake, let's say the place you buy is $400k right now.
A few years down the road, you guys paid the mortgage off, and the property doubled in value to $800k. If you break up then, what would be a "fair split"? Is a 50/50 split fair because you paid a bigger share on the deposit? What if one party paid more on the mortgage payment?
Split ups are almost always ugly, quadruply so when money is involved. Sometimes it brings out the worst in a person. I have unfortunately wittnessed that a few times on my friends.
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I've seen friendships fall apart between friends over a feud from a purchase. High school buddies and they work together still but don't say a word to each other.
I'll use your down payment of 100k as an example. When we were talking about it she was saying that if I were to put down 60 and she put 40, even though it's joint owned 50/50 I'd still own "60%" in the event of a worst case scenario and money would be split 60/40. The other option we decided was we each take our initial 60/40 down payments back and split the rest 50/50 after that. If it's gone up in value, awesome. If it's gone down in value we're pretty sure we'll at least get our each initial payments back.
We're just trying to brainstorm some ideas as to how to go about this and find other peoples experience with it.