Buying home with my wife

Scotbot

itwasntme001 said:

Thanks for the replies.

Going back to my original question, does anyone with experience in this know what is the fairest approach in distributing the proceeds in the event of a separation, would it be based on a % basis or fixed?

It depends on how long you have been married and whether or not you have kids. The longer you have been married the less likely a % basis will be considered considered fair.  You may be putting in 80% of the costs now but down the line that will even up. If it went to court a judge would consider time and effort put into the relationship and raising children  as well as money,

itwasntme001

Thrugelmir said:

itwasntme001 said:

Going back to my original question, does anyone with experience in this know what is the fairest approach in distributing the proceeds in the event of a separation, would it be based on a % basis or fixed?

There's no set formula. With no children to consider. The starting point will be 50/50 of total assets, i.e. property, pensions, cash, investments, classic car collection, wine cellar etc etc. Your to be ex will most likely use the services of a family law solicitor to ensure an equitable division. 

I meant in a declaration of trust, what would be fairest for both parties to agree on?

Angela_D_3

You are married.  Its 50/50 

itwasntme001

Can people actually read the question first before replying??!!

staffie1

Why don’t you consult a solicitor who is qualified in what you want to know, instead of asking random people on the internet, then complaining they don’t understand your question..?

Tiglet2

itwasntme001 said:

Can people actually read the question first before replying??!!

Can you read my post up thread?  

Cypruseast

Will someone tell the man what he wants to hear, otherwise he will just ignore you lol!! 

What people are telling you is that your original question becomes irrelevant when you’re married. The fact that your contributed more dilutes over time and largely becomes irrelevant and that most certainly occurs if you have any kids, then you’re at a 60:40 starting and often finishing point.

You need to seek legal advice and quite possibly a prenup may be able to be put in place that would protect your investment. That’s the better course of action rather than seeking to devise a route to purchasing a property and protect your investment.

itwasntme001

I'll try again.

Forget about what happens in practice in courts etc in the case of divorce.  Forget what may happen and what can happen after having 10,000 kids and being married for 100 years.

All I am asking is what is a fair way to split up proceeds in my case if we have to sell the house?  Would it be based on % or fixed amount?  Please assume my wife is completely understanding and will follow whatever the declaration says, as will I.  What would be the fairest method for both of us?

Nikkster

itwasntme001 said:

I'll try again.

Forget about what happens in practice in courts etc in the case of divorce.  Forget what may happen and what can happen after having 10,000 kids and being married for 100 years.

All I am asking is what is a fair way to split up proceeds in my case if we have to sell the house?  Would it be based on % or fixed amount?  Please assume my wife is completely understanding and will follow whatever the declaration says, as will I.  What would be the fairest method for both of us?

When you discussed it what did she think was fair? What do you think is fair? Are they very different??

[Deleted User]

itwasntme001 said:

I'll try again.

Forget about what happens in practice in courts etc in the case of divorce.  Forget what may happen and what can happen after having 10,000 kids and being married for 100 years.

All I am asking is what is a fair way to split up proceeds in my case if we have to sell the house?  Would it be based on % or fixed amount?  Please assume my wife is completely understanding and will follow whatever the declaration says, as will I.  What would be the fairest method for both of us?

Why not use the search function as this question has been asked, answered and debated ad nauseum on the forum.

Here's one recent thread:

https://forums.moneysavingexpert.com/discussion/6255910/tenants-in-common/p2

Here's another:

https://forums.moneysavingexpert.com/discussion/6249488/buying-a-house-together-deed-of-trust/p1