Updated about 2 years ago on . Most recent reply
#2 Personal Finance Contributor
- Financial Advisor
- Saint Paul, MN
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Buying a house with my kids?
#2 Personal Finance Contributor
- Financial Advisor
- Saint Paul, MN
Okay, so this is a rabbit trail post but...
I'm going through a divorce & looking for options to pay my soon-to-be ex out. I may be forced to sell my primary home as I can't get a line of credit large enough to pay her out. If I sell, I likely won't have enough money for a down payment on the next house.
But... My 3 kids (15, 17 & 19) each have a large enough chunk of money that if we put it all together, we could make it happen. I just don't know how it would work to structure the ownership & finances.
Hypothetically, they would have the money to put down, but I would be paying the mortgage & doing all improvements. So how would I account for their share of appreciation in the future? Ownership structure etc.?
Rabbit trail, for sure. Feel free to tell me all the ways why this is a stupid idea.
Most Popular Reply
You could form an LLC and y'all could be members regardless of age. That would structure the ownership and maybe the finances. Make sure your divorce decree has no clawbacks! Don't buy anything until your divorce is finalized. All the best. And I never said this is a good idea. I just noticed you are a "Financial Advisor" so scratch what I wrote!!