New joint morgage but its 'my' equity

punkypin

Advice please!

I moved in with my Husband who has mortgage. I had a part time job and we decided it would be best that I study at Uni for a better future. Now Im qualified My husband wants to move house. I have no savings from being a student and he says he wants the solicitor to take into account 'his equity' before we take a joint mortgage. I'm confused.
If anyone can help me understand what I should do, or what is the 'norm' in this kind of situation, I'd be grateful.
Cheers!:(

Guest101

If you're married, he's outta luck, it's split 50/50, regardless of deposits etc.

That's the short answer anyway, I'm sure someone more qualified can you youe xact reasons for this.

If you weren't married you could split it like he says

punkypin

Hi
Thanks for that, I was upset that he even suggested it to be fair but it is his house after all and his payments over last 5 yrs, I have only contributed financially for 5 months so I just assumed this was how it works as He has all dealings with finances
Punky

Tigsteroonie

punkypin wrote: »

it is his house after all and his payments over last 5 yrs,

Wrong - you're a married couple, so it's not his payments, it's your (joint) payments.

bossymoo

Might be worth checking what he considers his elsewhere too? What if you start a family and you take maternity leave? What if you don't earn exactly the same amount as him?

InMyDreams

I agree with the above posters. What has been acquired during your marriage is joint. You have both invested (in different ways) to your further study and will hopefully both benefit from it in the future. I can understand why you are upset about this!

Did you enter the marriage with very different wealth? Could that be what he is referring to?

Do keep us updated with what the solicitor says. But I would have thought that the time for this sort of agreement was *before* you tied the knot. The fact that he's trying it now would ring alarm bells for me, I'm afraid

DRP

Just slap your thigh and laugh it off!


The time for being possessive over such things was *before* he was married - tough luck sunshine, that's not how marriages work! :rotfl:

Thrugelmir

A Deed of Trust can be drawn up to deal with the matter of the equity already in the house.

Should you have children or your relationship break down. Then this legal document could be varied by a Court of Law in certain circumstances.

You should seek independent legal advice from your husband. As the solicitor would have a conflict of interest in advising both parties.

Kynthia

Unless there are extenuating circumstances, such as addiction, major debt or abuse, I think it's disgusting for a spouse to want a Deed of Trust or to protect 'their' assets once they are already married! Marrying someone means legally becoming a couple, a family, and the contributions you make are more than just financial. Looking after children, studying for a better future, love and care of each other, making a nice home are all just as valid contributions as money.

Sit him down and calmly give him a dose of this reality. You should let him know how upset you are and how you are not prepared for this kind of thinking to continue! What if one day he should become ill and unable to work? Would you be entitled to 'protect' your income from him that is now supporting you both?

punkypin

You have all cheered me up greatly!
I had no savings and due to Uni not been able to save...now I have a job and due to contributing to bills/mortgage, no money left to save at end of month so I fell in a no win situation. I feel he thinks I only want him for his house, and yeah 5 yrs later I was surprised he said this, and yeah makes me feel 'belittled' and not very 'equal'.
Keep your advice coming before I confront my Husband with my 'findings'

paddedjohn

It sounds like your best move would be to call yourself a taxi. Sounds like a great bloke to be 'sharing' your life with.