QLD Getting Full Pension from Centrelink?

[pauldo]

I have separated from my wife of 28 years. We own our house in both names and have $400.000. I would like to buy a house for myself and my wife has the other.

I am coming up to pension age and Centrelink has told me that if I buy a house in my name, then they will look at the house that my wife is in as an asset, and I will not get a full pension.

If I put the new house in both our names, they will deem that as gifting to my wife and I will not get a full pension.

Any help is welcome.

 

[AllForHer]

Have you considered divorce and finalising a property settlement? While ever you are still married, you have a joint interest in each other's property, which is why Centrelink takes it into account as an asset affecting your pension.

 

[Tim W]

Does the house have a mortgage or any other interest on it?

 

[pauldo]

Have you considered divorce and finalising a property settlement? While ever you are still married, you have a joint interest in each other's property, which is why Centrelink takes it into account as an asset affecting your pension.

Yes, I have thought of that but I was looking at the legal side. Why can't the new house be in joint names?

I have separated from my wife of 28 years. We own our house in both names and have $400.000. I would like to buy a house for myself and my wife has the other.

I am coming up to pension age and Centrelink has told me that if I buy a house in my name, then they will look at the house that my wife is in as an asset, and I will not get a full pension.

If I put the new house in both our names, they will deem that as gifting to my wife and I will not get a full pension.

Any help is welcome.

 

[pauldo]

Does the house have a mortgage or any other interest on it?

No

 

[Tim W]

In that case, divorce and property settlement may well provide the most clarity.
In Centrelink-think, a mere gift can still be a deemed asset.