Do i have to pay the gift deposit back?

Keep_pedalling

How did your husband force a sale, surely who gets what is settled through divorce proceedings. Speak to your lawyer, and do not give in to bullying or emotional blackmail.

John_G_Jones

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?

You don’t need to repay gifts. If anyone asks you to point out the letter you have saying it was a gift, and ask them what on Earth they are playing at.

00ec25

morally the money was a gift to both of you

morally you now know it is not your money since he is not your father

despite the obviously bitter fight you have had, morally you should return it.

Obviously that is not what you want to do, as evidenced by the fact you are already casting eyes at getting more than 50%

there is no point to this question since legally it was a gift to "you" and that was that. Why did your parents not contribute?

steampowered

As you are married and divorcing, it probably doesn't make any difference whether it was a 'gift' or a 'deposit'.

A gifted deposit would likely be treated as a marital asset. The courts start from a 50/50 split of marital assets. But the fact that kids are involved may well mean that the split is different from 50/50.

It might be worth going to see a family law solicitor to get a bit of initial legal advice as to where you stand.

John_G_Jones

00ec25 wrote: »

morally the money was a gift to both of you

morally you now know it is not your money since he is not your father

despite the obviously bitter fight you have had, morally you should return it.

Obviously that is not what you want to do, as evidenced by the fact you are already casting eyes at getting more than 50%

there is no point to this question since legally it was a gift to "you" and that was that. Why did your parents not contribute?

Surely legally and morally it was a gift.

Keep_pedalling

00ec25 wrote: »

morally the money was a gift to both of you

morally you now know it is not your money since he is not your father

despite the obviously bitter fight you have had, morally you should return it.

Obviously that is not what you want to do, as evidenced by the fact you are already casting eyes at getting more than 50%

there is no point to this question since legally it was a gift to "you" and that was that. Why did your parents not contribute?

We have provided similar gifts to our married children, and gifts should be unconditional or you really should not bother. It sounds to me like this is a scheme to rob the OP of part of what should be her divorce settlement, and all of it will end up in the husbands pocket.

The OP has 2 daughters to bring up on her own, I would suggest it’s morally wrong for the girls father and grandfather to deprive their mother of assets she is going to need to help bring them up.

Exodi

It should be standard practice upon taking out a mortgage with a gifted deposit to;

a) have a gifted deposit form filled out and returned to the lender (to comply with money laundering regulations and ascertain the origin of any deposit source).
b) have a gifted deposit letter filled out and returned to the solicitor (to state the nature of the deposit and confirm that the benefactor provides the amount without any interest in the property).

I'd wager that your lender would not have give you the mortgage should the benefactor have asserted during conveyancing that this was in fact a loan, or that he has a charge on the property but you should probably see if your conveyancing solicitor has this form so you can put this to bed. Though if you have been married for more than a few years, it's likely all this is irrelevant and divorce procedure would take precedent.

Comms69

Were you married at the time, how long have you been married?

pinkshoes

It depends how the money was intended.

My parents "gifted" me and my ex £10k to buy our flat. It was a gift but I agreed with my ex that when we had the money we would pay it back.

Ultimately it was a gift for the purchase of a flat, and if/when we sold the flat we would pay it back.

We split up and when the flat was sold £10k was paid back to my parents.

If I were you I wouldn't want the money.

kingstreet

Exodi wrote: »

It should be standard practice upon taking out a mortgage with a gifted deposit to;

a) have a gifted deposit form filled out and returned to the lender (to comply with money laundering regulations and ascertain the origin of any deposit source).
b) have a gifted deposit letter filled out and returned to the solicitor (to state the nature of the deposit and confirm that the benefactor provides the amount without any interest in the property).

...and who is named as the recipient of the gift, the husband, both of them?