Boyfriend / Buying Property Quandary ... need advice

But this guy is a deadbeat. If he defaults, she is stuck with nothing but an uncollectable judgement against him. That is my layman's read on this anyway.

Yes, she would have to legally evict him. That is what security deposits are for!

I'm not concerned with whether or not the guy is worth a damn. I provided a solution that offers a solution for HOW she can get to what she originally outlined. Forming a corporation offers the possibility of shielding her personal liability if he defaults. The decision of whether or not it is wise to enter into any arrangement with this particular person is left entirely to her.

Normally, people own their own homes in their own names and the statutory homestead exemption protects the equity in the homestead up to the statutory amount. In other words, a judgment creditor cannot execute the judgment by levying upon the protected equity in the homestead.

A corporation is a legal entity--it doesn't reside in a home. A corporation is not entitled to claim a homestead exemption on corporate assets. If the poster wants to protect the equity in her home from being reached by her boyfriend's judgment creditors, the LAST thing she would ever want to do is form a corporation with her boyfriend and designate the house as a corporate asset.

Hey, you guys and gals are the best for helping me with this.

To clarify, this is the boyfriend where we both worked together at a company neither of us was happy at.

We are now both happily working elsewhere, not together.

I remember him not being liked, but could never figure out exactly why from the content of the previous questions. Probably just an instinct from y'all at the time.

I like the corporation approach, but point has been made over and over, even with all the legal "protection" ... um ... would I go into business with him? Or with anyone for that matter. Answer is a resounding NO.

I guess I gotta live alone. Because even with roommates, it's not that easy to evict someone, even when it's legally justified.

My instincts go all jittery just thinking about combining with anyone on something like a house. But, I have no jitters when I consider doing it myself.

I guess his idea is, if we both go in on it and we both enjoy each other's company, then we can get more together than we could get apart.

But, I just don't see it that way. I see more electricity, more upkeep, more yard, more bills, with the possibility that it all falls back on me.

Truthfully, no one knows the future. It could all fall back on him given the right circumstances.

I don't need more. I want less. The smallest house I need, the smallest yard that gives me every element of outside living I do demand. The smallest tax bill. The smallest electricity / utilites. The smallest roof, plumbing, etc.

That sounds bad, I do have some extraordinary things I want. But a big house and big taxes aren't it. For me, less is more.

So ... I really wouldn't get what I want, I would get more than what I want. And more than twice the risk than I would have if I had gotten what I orginally wanted.

Uh .... I hope that makes sense.

And you are all so terrific for being here for me.

I gotta come clean with him. He's never been married. He needs the chance to move toward that if he wants to give it a go.

With someone else.

I just can't do it.

And I don't want to.

I think, hope, there are men out there who feel the way I do, who tenaciously hold on to their independence, and can have a relationship with me not encumbered with comingling finances and assets.

It reminds me of a joke I have with a female friend or two.

When we were young women, we would worry that, "He only wants me for sex."

Now that we are older, we hope that, "He only wants me for sex."

And of course, conversation and the rest, but not for assets and maid service.

Whew!

Debra_Law, thanks for making an excellent point!

Sounds good, dupre.

(I swear I thought that guy was gone already... weird.)

Love the joke!

Hi! Thanks for your input.

And someone asked if he contributes.

As of a few weeks ago, he does the cooking, grocery shopping, takes out the trash, and, yes, even helps with the kitchen. And we go halvzies on the groceries.

It's not just a worry about his prior finances. Even if it was someone with great credit, I just couldn't do it again. I'm not taking any more chances.

I'll never forget the John Connelly milk scandal in the '70s. I was a teen. He filed bankruptcy, went from a 6-time millionaire to only a mere millionaire.

And there he was with his wife at the Ford Headquarters on election night, being interviewed by the press, his wife sooo close to his side.

Whatever.

It made an impression on me.

It's not the money, the credit, the trust.

I want my own control over my basic needs. Not negotiable.

I asked boyfriend to go home for a couple of weeks. I've got a lot on my plate right now.

So he's going to come over here and cook for me and do dinner and leave for home after that.

A nice compromise for now.

I DO have to tell him I'm not moving in with him in April and I'm not going to plan to buy property with him.

He deserves to know so he can get out of the relationship if he wants.

Many women do want to marry, and a younger one, if he can get one, could still give him a child.

We just don't want the same thing.

Does anyone think that there are men who feel the same way as I do? Who would be fine with a relationship without marriage and joint property?

Are they out there?

Because, I have to say, having tried both now, I really prefer living alone and just having him over occassionally--and I mean not every night.

Like you, I've been married. I've started over with nothing, and less than nothing. Like you, I think I'm too old to go through that again.

I'll tell you why I don't like him, by pm, but only if you ask.

Thanks, Roger.

I'm asking.

You got it. I don't like to get into a2k from work right now. Had to wait for lunch.

To be independent within a dependency is a tricky affair, one that should not be taken lightly.

It would be prudent to examine your inclination for this man; and, therefore, an assessment of this relation is required for your own stability. Purchasing a house with these sentiments in mind may not be well-founded.

If you will purchase a house outright, then the remaining expenses will have to be assessed and disbursed according to your agreement with him. Which person will sign the deed? Or, if not a complete purchase, what name will the mortgage be under?

In short, a contract for living and expense arrangements can be drawn in any manner with as many conditions and stipulations as you may choose; it can be written by an attorney, by you, or your boyfriend, so long as it is written or otherwise recorded; it can be drawn on toilet paper or a pack of cigarettes.

Lots of legal advice? No. A well-formulated contract to protect your interests and limit your liability in a fair manner is warranted.

Good luck.

quex144: Hi, and Welcome to Able2know!

Thanks for your thoughts.

I am now looking for land outside of Austin in Canyon Lake near a friend of mine.

I'll not go in on it with boyfriend.

It's probably not really an issue. We have been talking about buying together four years from now. And I felt that I was waiting for him. If it comes up four years from now and the money / circumstances are right, I may reconsider. But I'm not going to wait till then, and I'm not going to make myself distracted anymore by worrying about it.

I've gotten some great advice here and I really appreciate it. It's been on my mind for a while, now, and I really needed input.

Many thanks to everyone!

I hope you enjoy your time here at Able2Know. These really are some great people.

Thank you Dupre, and I wish all the best to you.