Hi all,
Freshly separated this weekend, it has been extremely amicable so far. My question is around property and where I stand currently/will stand.
I redrew from a mortgage against a house that I "theoretically" own with my mother. My name is on the house and on the mortgage, however it is more of a gentleman's agreement between my mother and I, and I know that I do not have any claim to the house. The house had been paid off, and all that is remaining on the mortgage is $300k that I used to purchase an apartment with my now husband.
He took out a separate loan of $300k for his half of the property, and his mortgage is in his name only attached to the apartment we live in. The title is in his name only.
My hope is that we remain amicable, and my best case scenario would be that we separate, and continue to own the property together, but everything else financially gets split. We have agreed that for six months we will not separate financials (he is hoping to reconcile, however I am not currently sure where my head is at), that we will both stick to our agreed upon budget that we have used for the past 5 years, shared bank account etc. I am the financial planner in the family, so am not at risk of him financially blindsiding me, however he does earn about 40K more than me. There is no kids.
I wanted to check my thinking is correct re property.
If we remain separated, but not divorced I will still be entitled to half if we ever decide to sell.
We would sell if things got nasty, and split.
If it stayed amicable and either of us wanted to remarry (we would have to divorce) - how could I protect my share without being on the title? Would a BFA be suitable here?
My mother and I are thinking that we will need an agreement to ensure that he doesn't pursue half of the house that I theoretically own if things get nasty- would this be a BFA?
Many thanks for any input
Freshly separated this weekend, it has been extremely amicable so far. My question is around property and where I stand currently/will stand.
I redrew from a mortgage against a house that I "theoretically" own with my mother. My name is on the house and on the mortgage, however it is more of a gentleman's agreement between my mother and I, and I know that I do not have any claim to the house. The house had been paid off, and all that is remaining on the mortgage is $300k that I used to purchase an apartment with my now husband.
He took out a separate loan of $300k for his half of the property, and his mortgage is in his name only attached to the apartment we live in. The title is in his name only.
My hope is that we remain amicable, and my best case scenario would be that we separate, and continue to own the property together, but everything else financially gets split. We have agreed that for six months we will not separate financials (he is hoping to reconcile, however I am not currently sure where my head is at), that we will both stick to our agreed upon budget that we have used for the past 5 years, shared bank account etc. I am the financial planner in the family, so am not at risk of him financially blindsiding me, however he does earn about 40K more than me. There is no kids.
I wanted to check my thinking is correct re property.
If we remain separated, but not divorced I will still be entitled to half if we ever decide to sell.
We would sell if things got nasty, and split.
If it stayed amicable and either of us wanted to remarry (we would have to divorce) - how could I protect my share without being on the title? Would a BFA be suitable here?
My mother and I are thinking that we will need an agreement to ensure that he doesn't pursue half of the house that I theoretically own if things get nasty- would this be a BFA?
Many thanks for any input
