what to do about mortgage when we are married!:)

blushingbride_3

Hi all,

I get married in 8 weeks!:)

Currently i have my own house and H2B will be moving in with me after the wedding. He is happy to keep the mortgage in my name but contribute too it and split everything equally.

However. how does it stand legally if we ever split? would he still be able to claim for his share of the house etc or would it be mine?
I want him to be able to have what he's entitled to and wouldnt stop it however i already own 50% of the house out right and my parents (understandably) want me to protect this incase the worse case senario should happen.

H2B is happy for us to have some documents written about my share and this is going to cost us about £500-£1000!:(

so do we need to pay more money to add his name to the mortgage or can we leave it as it is and just share it?

Thanks Katie

beer_tins

Don't think like that already! Seriously, he may have a claim if he has contributed. If it is something you are worrying about it may be an idea to go to a solicitor and put the house in both your names, but with a 75%-25% split in your favour to account for the half you already own. Then you have an agreement in writing if things go sour in future.

blushingbride_3

ok cool thanks
if we put the house in both our names do we then also need to change the names on the mortgage as well or can that stay in one name?

*i am not predicting problems just being safe!*

cant wait to get married

zzzLazyDaisy

If you put the house in joint names, the lender will require the mortgage to be in joint names too.

When you see the solicitor, tell him/her that you wish to own the house as 'tenants in common' and NOT 'joint tenants' - that is the legal terminology for owning a house in defined shares

You will then also need to make wills each leaving their share of the house to the other (if that is what you want) to avoid possible future complications should one die before the other leaving children who may also inherit part of the equity (depending on the value)

Glen0000

blushingbride wrote: »

Hi all,

I get married in 8 weeks!:)

Currently i have my own house and H2B will be moving in with me after the wedding. He is happy to keep the mortgage in my name but contribute too it and split everything equally.

However. how does it stand legally if we ever split? would he still be able to claim for his share of the house etc or would it be mine?
I want him to be able to have what he's entitled to and wouldnt stop it however i already own 50% of the house out right and my parents (understandably) want me to protect this incase the worse case senario should happen.

H2B is happy for us to have some documents written about my share and this is going to cost us about £500-£1000!:(

so do we need to pay more money to add his name to the mortgage or can we leave it as it is and just share it?

Thanks Katie

I have just inherited a large sum of money. Not for one minute would I stop my wife from claiming her fair share if we ever split. What is mine is hers. If you don't think like that what is the point in getting married?

blushingbride_3

I am not saying my husband cant have his share but i need to ensure that my 2 years worth of investments is safe if anything does happen, especially if i am left with children to support.
My H2B agrees that my interested need to be covered and his would be 2 if he had previous assetts.
Its not 2 do with wanting his or mine

blushingbride_3

zzzLazyDaisy wrote: »

If you put the house in joint names, the lender will require the mortgage to be in joint names too.

When you see the solicitor, tell him/her that you wish to own the house as 'tenants in common' and NOT 'joint tenants' - that is the legal terminology for owning a house in defined shares

You will then also need to make wills each leaving their share of the house to the other (if that is what you want) to avoid possible future complications should one die before the other leaving children who may also inherit part of the equity (depending on the value)

Thanks for this sounds like the best senario! best get in contact with my solicitor and get the ball rolling as not long now!:D

Glen0000

blushingbride wrote: »

I am not saying my husband cant have his share but i need to ensure that my 2 years worth of investments is safe if anything does happen, especially if i am left with children to support.
My H2B agrees that my interested need to be covered and his would be 2 if he had previous assetts.
Its not 2 do with wanting his or mine

It is. All assetts brought into the marriage should be split 50/50. In any case, if divorce is even a thought in your mind you should not be getting married. The thought of divorce makes me feel physically ill and the last thing I would be worried about is money if it did happen, more like my mental health. I would be a broken man.

Marriage is a joke in this country.

Alexl_2

I have to agree with the original enquiry.
I came into my marriage with significant assets which were invested into our marital home. Less than a year after our marriage my husband has left me for someone else. I NEVER thought this would happen and did not plan for this situation. While he does not intend to take any share of my assets, inherited from my grandparents, legally he is potentially entitled to. We will have to sell our marital home, I will need to find somewhere else to live, and as I am on the lower income need all my worth to build a new future for myself. I am broken by what has happened to me, therefore the last thing I need on top of this is financial worries too. To say money would be the least of your worries is to overlook the peace of mind financial security gives you enabling you to focus on healing your heart and mind.

No-one ever enters into a marriage thinking it will fail, sadly the statistics, and personal experience, speak for themselves.

Alexl_2

PS. Apologies to Blushing Bride! I wish you all luck and happiness in your married life together, I'm sure you will have a wonderful future together!!

blushingbride_3

Glen0000 wrote: »

It is. All assetts brought into the marriage should be split 50/50. In any case, if divorce is even a thought in your mind you should not be getting married. The thought of divorce makes me feel physically ill and the last thing I would be worried about is money if it did happen, more like my mental health. I would be a broken man.

Marriage is a joke in this country.

Marriage is not a joke in my eyes and i am taking it very seriously.
It is not negative or uncommited to plan for the unforseable if not people wouldnt have wills etc would they?

I didnt ask for critism about my opinions but for advice!