VIC Mortgage on Block - Options When Wife Refuses to Build?

[Mr Bean]

I have been married for 5 years, together for 15. My wife and I have a mortgage on a block of land. Now she tells me she doesn't want to build on it. I'm determined to build on the block. She also is not ready for kids - I'm super keen now. Do I make a clean break and pay her for half of what the block is worth (minus what's outstanding on the mortgage), or is there a way to get her to sign something so that the whole building project is mine and she can't claim half of it later down the track if we do decide to go our own way?

 

[Therese]

Hi Mr Bean,

You definitely have at least two options.

My understanding is that you could (1) sell your half of the block to your wife; or (2) buy your wife's half of the block.

I believe it would be possible to include a clause in the Contract of Sale that prevents her from trying to claim half further down the track.

I would suggest getting in contact with a solicitor. They would be able to tell you the pros and cons of possible options and assist you in making a decision. This link may help: Get Connected with the Right Lawyer for You