Rental House in just ny husbands name

Snock

Hi


Before I met my husband he owned a property which he rented out. I sold my property and used the money to buy another rental property. This was put in both of our names. So now we have one in his name only and one in both our names (which I paid for). We have looked into getting both our names put on the first property, but it's going to cost around £500. Does it really need to be done?


I am being sensible thinking that if we do split up, will he have one and a half houses and I will only have half? Even though it was all of my money that paid for the second property.


I trust him completely and we are both very honest about money etc, but I am also aware that things don't last and unless everything is clear, splitting assets is a nightmare! We have been told as long as we get a will everything will be OK, but surely that's just if one of us dies!


Any advice would be gratefully received, it's my first time posting on a site like this but I don't know who else to ask. Friends and family just seem to say 'you're married, it's both of yours'.


thank you and happy new year!

Guest101

You're married so the divorce would sort that out.

booksurr

your friends and family are right, in very broad terms....

if the marriage lasts 5 years or less it is considered to be "short" and where there are no children arising a divorce court would start from the perspective that what is fair is to put each person back to the financial position they were in before marrying. You'd get your money back and so would he
http://www.lexology.com/library/detail.aspx?g=159b7d81-34c0-4234-bf12-e92a2aa1b6b3

if it lasts more than 5 years the divorce court starts from the premise that the the martial assets comprise everything and they will be split 50/50 unless there are mitigating circumstances to be argued in court, for example: existence of children who need a home or a non earner who "needs" half of the other person's pension...
https://www.gov.uk/money-property-when-relationship-ends/how-the-court-splits-assets

sammyjammy

£500? Really? If you feel so insecure about it surely its £500 well spent.

Mossfarr

You also need to check how it affects your tax liability on the rental income. Putting the house in joint names may be more cost effective if either of you is a higher rate tax payer. Could be £500 well spent!

G_M

Is there a mortgage on the property?

If not you could transfer ownership for a fraction of the cost by doing it yourselves.

cashbackproblems

As mentioned a short term marriage and his flat would be considered a pre marital purchase so you wouldnt have any rights and you would keep yours most likely- unless he contests he paid some of the mortgage..

If kids involved it all changes

Snock

Thanks to those of you that have offered helpful and informative replies. It's been good to get some other opinions.