How to protect my house/cash when my girlfreind moves her houshold into mine? What would Judge Judy advise me?

Question

My loving girlfriend 55 yr old divorce is to move in. She is currently renting but looking for a house of her own but upon my offering, she is leaning towards moving into my single family home; I am divorced having bought out the ex for the house. What financial nightmares am I in for if I do not protect myself a little? Surely others out there have some hard earned wisdom to share. Thanks.

Answer 1

Get her to sign a lease stating the terms of you living together. If you get her preagnant you'll need a prenuptial (otherwise she'll drag you to court, and get everything)

Answer 2

Well, your Cash should be in the Bank, not in your house, so no problem there.  Is she going to split the mortgage payment, utilities cost with you?  

Judge Judy might ask are you really ready for this with such concerns before she even moves in?   If it don't work, she can always move out.  Right?

Answer 3

What exactly are you protecting yourself from?  As long as you keep the house in your name only as well as your checking account and other credit, you should be okay.  Once you start putting her name on everything will you run into a problem.  If you have kids and want the house to go to them (regardless of whether you marry your girlfriend), then make out a will specifying this.

Most of all, talk to your girlfriend about the living arrangements.  Who will be responsible for what (bills etc.).  Don't leave it till later to disagree on something.  Also, check and see if you live in a community property state.  If you live with her long enough, you may become common-law husband and wife and in a community property state, she would be entitled to half of everything.

Answer 4

Have her sign a written agreement - make sure she understands your expectation up front.  If she won't then help her find the rental of her dreams.

Answer 5

Search the net for a draft Living Together Agreement which covers all finances and possessions and how each party is affected by them. This document will list each person's assets, income, debts etc. It will include "what if" scenarios, ie who will have what if you decide to end the relationship. This document forces you both to consider and discuss matters before living together. Once you are both happy with the arrangements, the document can be formalised by a solicitor.

Answer 6

Judge Judy would tell you not to live together without benefit of marriage.

Don't mingle finances in any way.

Get a written agreement detailing listing all the expectations on sharing household bills and duties.