A friend is contemplating helping her daughter's boyfriend buy a boat. If she breaks up with him, how can Mom get her share of the boat reimbursed?
Would having this on paper and notarised help?
2 Answers from Attorneys
On virtually every level this is a terrible idea. If he can't afford a boat, he should not get one. Go look at Freedom Boat club, you can join a club that gets access. Mom loaning money for boyfriend to buy a boat will not end well.
Mr. Wagner is correct. I suggest if you really want to do this, you buy the boat in your name and then lease the boat to the boyfriend and demand that he get insurance to cover any incidents that occur. That way, if he leaves and does not pay the boat off, he can't take the boat, and you can sue for recovery if he does, and the amount owed.
Plus you will be protected from lawsuit with him having insurance on the boat.
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