Do i have to pay the gift deposit back?

unsure123tings

Hello, When my husband and I bought our house together his father gifted us a deposit amount.
Sadly, we have now broken up and have sold the house, it hasn't been an easy break up and I didn't want to leave the family home as we have two daughters, my husband ( still married although separated) forced the sale.
we agreed to 50/50 of the equity ( although I now believe I am entitled to more as I am re-homing our daughters)
my husband is also insisting I pay half the deposit gift back to this father, my question is do I have to pay this?
Or should he have to pay this as it was gifted to him?

Giddypip

If it was a gift you should not be paying anything back.

pphillips

It really depends on whether it was a gift or a loan -
a gift does not have to be repaid
a loan does have to be repaid.

unsure123tings

I’m pretty sure I have a letter saying it’s a gift from when it was paid.
If they now decide it’s a Loan, should I pay half or should my husband pay it all?

Mojisola

unsure123tings wrote: »

we agreed to 50/50 of the equity ( although I now believe I am entitled to more as I am re-homing our daughters)

Have you had any advice before agreeing to this?

bouicca21

Well the clue is the word gift. If I were the grandparent in question, I think i might be a bit upset About the break up but equally I’d be relieved that my gift was helping my grandchildren.

And if I were op I’d be checking out advice about the financial split via a family law solicitor or Wikivorce. There are a lot of factors to be taken into consideration - house, pensions, savings, and the need to house two children if they are minors. 50/50 On the house may be right, but I doubt it.

Marvel1

unsure123tings wrote: »

I’m pretty sure I have a letter saying it’s a gift from when it was paid.
If they now decide it’s a Loan, should I pay half or should my husband pay it all?

That is all that matters, they can't just decide later it's now a loan.

stator

Legally if it was a gift, it was a gift. If it wasn't a gift, then someone comitted mortgage fraud. Banks won't lend when it's a loan.


So if you had some kind of informal agreement with your husband that when you can afford to pay it back, you would, then I suppose morally you should pay it back if you can.


If you never discussed it and the paperwork say it's a gift, then it's a gift and you have no moral or legal obligation to repay it.

If you can afford it, and the father is worse off than you, then you can make him a gift to keep good relations.

Smi1er

Mojisola wrote: »

Have you had any advice before agreeing to this?

This this this

You need legal advice on this

AnotherJoe

unsure123tings wrote: »

I’m pretty sure I have a letter saying it’s a gift from when it was paid.
If they now decide it’s a Loan, should I pay half or should my husband pay it all?

They can't "decide" it's a loan. You have a signed document stating it's a gift.

babyblade41

Is it a formal separation or just informal at present ?

If you are going to go through divorce your solicitor will go through everything for you