Need some advice on how to handle couple's with pre-nups and purchasing homes.
I currently have a customer who has a pre-nup with their current spouse (will call him Desi and her Lucy). This person is afraid to make an offer b/c of this document. Their funds are totally separate.
It's a strange situation since, even though there is a pre-nup, Desi would like (in the event that he passes away) that Lucy get's the house free and clear which is kind of him since it is his wife (life insurance comes into play), however Desi does not want her name on the said offer, contract, or mortgage.
I suppose that is OK until a mortgage comes into play. While in a recent other transaction that also involved a pre-nup, the husband just had to sign and acknowledge that the wife had the mortgage, he did not have to be a party to the mortgage.
My recent closed deal involving the pre-nup was not an issue. These current customer's are fantastic people as well, they just have many questions as to how this works.
I did not think that there were any other issues than the acknowledgement of a mortgage if there is one.
Anyone have any links or documents on how this works? And if there are any other issues that would be of concern?
Thank you in advance for your help.
http://www.KarenMonsour.com, 954-464-4194 cell.
Karen, I haven't experienced this situation before. I'd be interested in the answer to this question though...good info to have.
Desi & Lucy. You crack me up! lol