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How to protect myself financially?

14 replies

DragonMamma · 02/11/2012 13:34

Just looking for a bit of advice really.

I don't have a great credit rating from previous bad money management (much much better now) so I can't get a mortgage. My DH has a great credit rating and we can obtain a mortgage in his name alone, which is great news.

My GP's are giving me money to put towardsthe deposit, which is great of them. I just wanted to know what measures we could put it place so that if we ever split up then the house would be equally both of ours? As my name won't be on the mortgage. I am currently a SAHM who works a few hrs PT but will go back to work again when DC2 starts school in 2 years so will be contributing more financially.

I broached the subject with DH and reminded me that when he and his ex-W split up he walked away with just his personal belongings and left her with the rest - despite there being equity in the house. So I don't believe that he would screw me over if we were to ever split up, especially as we have kids but I despite all this I would like to ensure that we could never be ousted from the house if the worst did ever happen.

What measures can I put in place? Would being on the deeds be sufficient or would I need a legal agreement?

Thanks in advance

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Collaborate · 02/11/2012 13:50

For divorce purposes it matters not in whose name the property is registered.

It may make a difference for will and succession purposes, and it would make a difference if your husband acquires debt that is then secured against the whole of the property, or if he is made bankrupt.

You could execute a trust deed immediately after purchase. You'd need to speak to your conveyancing solicitor over that.

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DragonMamma · 02/11/2012 13:59

Thanks for the quick reply. As we are married, would he need to explicitly bequest it to me in his will? Or would it pass to me as his next of kin anyway?

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Collaborate · 02/11/2012 15:37

Always a good idea to make a will. Never leave it to chance. Contact Mumblechum on here (she has an advert in the small business section) - she has some good feedmack from others on here whose will she has done.