I moved in with my DP 7 years ago, to his house, with his kids. And now I'm quite worried about my future financially!
DP had no equity in his house when I moved in, as he'd remortgaged to pay for a house for his Ex. I paid rental to him as I was working. I have one child, he has four children and we have one together- total six, phew!
Our child together has special needs and I gave up work. He has a financial agreement with his Ex sorting out all assets, but is not divorced. He tried but the solicitor said he would have to pay a lump sum to his Ex for her to waive her rights to his pensions, and he doesn't have the money. His wages have gone down in the last few years and now we barely make the huge mortgage.
I have a house which I let out, which also has a big mortgage, it's not worth much and is not in a place I'd ever live again. I have no pensions myself. As a single parent, I worked but no chance to build up very much.
My question is - how do we both try and carve out a future financially for us and everyone? At the moment, if my DP died, he's put his children only in his will, so I'd be out on my ear. I'm not on the mortgage on DPs house and it feels like it has nothing to do with me.
Yet I feel I am contributing, now not financially but one of us would have to stay at home with the small child. I asked my DP about wills and the house, and wouldn't it be fairer to put me on the mortgage, have half and half share, and for me to leave to my two children, and him to leave to his five. He said that wasn't acceptable and he would leave fifth shares to all his children only.
Pensions - I'm also worried - basically his Ex will have half his pensions if he doesn't divorce and I'll have none. This doesn't seem like a very good future for me. Any advice?! I'll post on legal too but this board seems very good on step family situations.
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Step family pensions and wills
6 replies
Kangaroo123 · 15/02/2016 17:44
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