Gifting for a cash purchase

Futurearma

Hello, I need some advice. I own a property which I bought long before I married my husband which I rent out. We have bought a house together in cash with no mortgage in addition the property I own.

My husband has various mental health issues and I am considering leaving the marriage as it is becoming unbearable. I have some anxieties about my financial situation.

1. The house we bought together is only in his name, his name is on the deeds but my name is not. This was because he was a first time buyer, his ex wife had not put him on the deeds of their house, only the mortgage. When we were purchasing our house together he refused to pay stamp duty as he was a first time buyer, therefore the house is in his name only, I contributed approximately half the cash. I am worried if we divorce I will not be entitled to anything from our home as it is solely in his name, despite my financial contribution and the fact that I have lived here for the same amount of time as him.

2. If we divorce will he be entitled to the other house I own? Apart from us both spending about £13k in renovations together from our joint income, two years ago, he has contributed nothing to the house. I have always paid the mortgage, bills and upkeep and now I cover all costs from the rental income I receive from the house. I do not want to sell this house as I have always seen it as my pension. Would he have any entitlement to this property?

Many thanks

hazyjo

Do you have kids?


How long were you married (and how long living together before that)?


Presuming no kids and married over 3ish years, it will prob all be 50/50 ish.

AdrianC

The properties will be looked at as part of the overall divorce financial settlement, together with any other assets.

Yours was owned before the marriage? Probably disregarded for that reason.
The joint one was bought during the marriage? Should be included.

You'll get more specific information on the marriage/relationships board, I suspect
https://forums.moneysavingexpert.com/forumdisplay.php?f=24

Futurearma

We have been together for nearly 4 years, married for nearly 3. He has 2 children, my step children. They are 8 and 11. He is only allowed to see them every other weekend, due to his mental health issues. I bought the house that is in my name only nearly 10 years ago. We bought the house we currently live in last year. Thank you for your comments above, I really appreciate it. If I do leave it will not be amicable and he will make it very difficult. He has anger issues etc.

Keep_pedalling

So to avoid a bit of tax you effectively gifted him the money to purchase that property and it has now potentially come back to bite you in the bottom.

Unless you come to a mutual arrangement then how the assets are split is going to be down to the courts, but you are not likely to lose any of your rented house with such a short marriage.

Futurearma

Neither of us could get mortgages as we were both self employed and had just sold our business. We didn't earn enough to get a mortgage and it was the only house we could afford to be within half an hour from my step children. We could not however afford to buy the house and also afford the stamp duty. We were in the middle of an awful family court situation, which meant he really needed to own a property for security for the kids to help him get access. I do not think we will be able to come to a mutual agreement about the splitting of assets and I imagine that it will end up going to court. Thanks for taking the time to respond.

xylophone

Time for you to obtain the advice of a solicitor specialising in divorce?