Protect my parents' savings

Rotor

Just an idea but if you don't want to repay straight away, could you not formalise the loan by signing an agreement with your parents 'reborrowing' the money so it would no longer be part of your assets but you would still have access to it till it's repaid.

KiKi

Guest101 wrote: »

It's not that simple.


It doesn't matter if the money goes from his account to the lender or not. It's if he's paying more than just share of utilities.

I wasn't suggesting it was simple. I was saying that someone moving in as a 'tenant' when they're your partner means that they may end up having a stake in your assets.

Kynthia

Rotor wrote: »

Just an idea but if you don't want to repay straight away, could you not formalise the loan by signing an agreement with your parents 'reborrowing' the money so it would no longer be part of your assets but you would still have access to it till it's repaid.

If you have something formalised to show you owe your parents an amount then this debt would be deducted from your assets before being assessed in a divorce. However it would need to be believable by a court if your partner challenged it as a ploy to withold assets falsely from him.

Rosieandjim

Even if you give your parents the money back at some point you will inherit it back and if you are married it will still be 50 50 to you and your partner.

maman

Kynthia wrote: »

If you have something formalised to show you owe your parents an amount then this debt would be deducted from your assets before being assessed in a divorce. However it would need to be believable by a court if your partner challenged it as a ploy to withold assets falsely from him.

Have you discussed all this with your partner OP?


I'd be inclined to pay your parents their loan back now and make sure your partner knows about it.


Have you discussed his decision about 'his' property? Why doesn't he sell and pay off his family? Will he be paying the mortgage on that property? What happens to the rent?


I understand you want to get views to help you make decisions but you really need to talk finances with your partner too. Personally I'd try and extricate yourselves from having your finances tied up with other people and move forward together.