How much compensation to give to daughter for using her name

iamdeemack · Joined: 28 Mar 2008 Posts: 2 1.98 Dollars($)

4 1/2 yrs. ago my husband and I had money but no credit. My daughter had credit but no money. My daughter also needed a place to live. So we bought a house with our money, her name. She lived in the house for 3 yrs. 5 months. While living here she paid half of the bills, ie, monthly mortgage and utilities. My husband and I paid all other expenses. We paid down payment, closing costs, furnished the entire house, with the exception of her bedroom furniture. We paid $500.00 towards it and bought her daughters bedroom suit. We refinanced to get a fixed rate and each received $1850.00 cash. We just gave her another $1750.00. My husband and I paid to $270.00 to clear out yard, replaced furnace, garage door, painted entire house and tiled 3 floors. Any repairs needed, my husband and I paid for it. Daughter only paid half of monthly cost of living bills while living here. Well, she moved to be with a non-working, drug using man. We became concerned and had her sign a quit claim deed and we refinanced in our name. She did not want to do this without us promising her $10,000.00 when we sell this house. We refused to agree to that and told her she could just have the house and we would move. She did not want to do that either because she can't afford the house. So she reluctantly signed the house over. She is now stating that we blackmailed her because we know if we move she is stuck with a house she cannot afford and she deserves this money. Now being my daughter I do not mind giving her money. Keep in mind that we already gave her $3000.00. We just do not want to promise her $10,000.00 while she is in this relationship. She was not the type of person to ask for money just because we used her name. We just know that this man just wants money and he is behind her prodding her to get what she deserves from us...$10,000.00. I want to give her what she deserves and be fair. Based on her investments and ours, can you tell me what money is fair to give her? Thank you so much. Denise

helping_user

Welcome Iamdeemack.

Since your daughter has been living in the home for the past 3 years and more, How much has she paid in total? calculate the amount and then compare it with $10,000. I suggest that you give away the lesser of the 2 figures. This might seem to be a casual way of providing her with the cash, which the person might simply waste on drugs and the like. But it is better to give her the $10,000 if she has paid more in mortgage payments and utlility bills. After all, she won't be making proper use of the money.

Thanks.

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