How to Use Contracts to Protect Your Finance?

This article discusses contracts and agreements such as lease agreements, mortgage agreements, loans from family or friends, credit card agreements, installment purchase agreements, and what you need to consider to protect your finance and your assets. These are the types of agreements that affect most of us, whether we have limited funds or a large amount of money.

Protect Your Finance through Agreements and Contracts

Whether we enter into these contracts and agreements with people we love and trust or strangers, there are a few simple rules we should all keep in mind because they apply to most of us.

  • Today, women hold leading business positions, but many still allow their husbands to make important decisions. About things like insurance, mortgage rates, investments, health insurance, and retirement plans.
  • Historically, when a woman enters a relationship, she always lets her husband dictate her assets. 
  • She can enter a marriage with a house that is entirely in her name, and once she is married. She will not ask questions if he wants to put it in her name.
  • Also, historically, women have had a softer view. I love him, and everything we have is ours. We share and share equally. 
  • I should have put the house in both of our names. Wrong, wrong, wrong.

Protect Your Finance through Business Partnership

If he wants to put the house in both of our names, or you want to put it in his name, have him evaluate it three times and ask him to give you his share. After all, if you were to enter into a business partnership and someone wanted to buy your business. 

  • You would have your business appraised at the current price, and that partner would have to buy the cash at the current value. A house is no different.
  • Once you have that title, you can do anything with that house.
  • You can borrow it, walk away from it, or mortgage it to the max and leave yourself in debt when you die.
  • The same thing can happen to men who own property, but men tend to use prenups to cover themselves. 
  • Historically, women have not been as smart. In recent years, they have become wiser. 
  • But because their emotions are so quickly and deeply involved, they often have to be reminded to protect their finance and assets.

 

If you own your home and your spouse wants you to sell it so they can move to a bigger place, the situation is the same. Again, your partner should compensate you with the value of their share before selling the house. Because if the marriage breaks up, you will lose out anyway because when it comes to the division of assets – you only own half of the new house and nothing in your name before the union.

What if he goes bankrupt and leaves the country with half the work?

If you have a bid from a builder that includes materials, your supplier could go bankrupt, the builder’s costs could go up, and so could yours. If you want to protect your finance in terms of materials, open an account with the construction company so you can buy your materials and get the most competitive price. When a builder offers you a price for labour, you’ll know that you only have to pay for labor, and you’ll be able to negotiate labor rates with them, especially now that construction work is so scarce. You see, written agreements are always necessary, both personally and professionally.

Conclusion

You may be in a relationship or a marriage, and suddenly your partner goes to the bank and withdraws all your money, and you owe all your debts. And, no matter how much you love someone, make sure everything is in writing when it comes to money. Make sure your lawyer has covered everything and that you haven’t left any loopholes.

Author Bio

Sally Hickman Green is a 30-year-old who enjoys blogging for electronic signature Contracts And Agreements, internet marketing, and social media marketing. She is inspiring and generous in blogging. She has a postgraduate degree in Computer science.

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