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Deed of Trust and separating from H(4 Posts)
I'm also posting this in legal matters but relevant here too.
Am in the process of separating from H, we have 2 young kids and own the house. When we bought the house we signed a Deed of Trust. We are now in the process of separating and was wondering whether solicitors would take this into account when doing the divorce process or not?
If it's relevant, when we bought our first house, he put the deposit down (we weren't married at the time), we signed the Deed of Trust, then got married, we sold that house and bought another (the current one). Signed another Deed of Trust, so will this be taken into account during the divorce process?
Hi Op, this happened to my dh. Bought a house with his ex, he put down £50k deposit (her 0), then they married a few years later.
When they divorced his solicitor hold him that marriage over-ruled the deed of trust.
She got to remain in the house (they have dc) and the house has to be sold when the youngest is 18. She wanted 70% of the equity when it sold, he wanted 50% - judge ruled that he would get 40% of the equity when it sold, plus his £50k back.
Hope this helps.
Thanks, it does help. However I don't really want to stay in the house (it's a big house and no point in me living there on my own with 2 small children, although obviously they won't be small for long!). He'd rather stay there which is fine with me.
Does anyone know if I decide to move out, do mortgage companies take into account the fact he would probably have to pay child maintenance as well as spousal support? as I only work part time I wouldn't be able to afford a mortgage on my low salary (and even if I go back to work full time which I'm happy to do - the costs of childcare would outweigh the benefits of being full time!).
If he intends to stay there then it's likely he will have to buy you out with a lump sum.
I don't think mortgage companies take CM, SM or anything like tax credits into consideration as these are means tested and conditional.
If your ex loses his job or takes a pay cut then you will get less maintenance. Spousal support is rarely given, and when it is it is usually for a limited time only (like until the dc start school etc).
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