Talk

Advanced search

Mumsnet has not checked the qualifications of anyone posting here. If you have any legal concerns we suggest you consult a solicitor.

How to protect myself financially?

(15 Posts)
DragonMamma Fri 02-Nov-12 13:34:13

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

Collaborate Fri 02-Nov-12 13:50:05

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.

DragonMamma Fri 02-Nov-12 13:59:28

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?

Collaborate Fri 02-Nov-12 15:37:00

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.

DragonMamma Fri 02-Nov-12 20:02:29

Thank you. I will do that.

mumblechum1 Sat 03-Nov-12 10:20:46

Thanks Collaborate. I would send you thanks but you're a bloke, so please accept a wine

Collaborate Sat 03-Nov-12 11:14:32

There isn't a smiley for a pint, or chocolate, but wine is another of my many vices grin

mumblechum1 Sat 03-Nov-12 11:49:42

smile

LivesInJeans Sat 03-Nov-12 11:52:49

Collaborate is a MAN shock

mumblechum1 Sat 03-Nov-12 11:55:30

He is. He's very effeminate though, he paints his nails and has a chihuahua called Trixie

LivesInJeans Sat 03-Nov-12 11:57:15

Phew

I can continue to engage with her then

mumblechum1 Sat 03-Nov-12 11:58:15

grin

Sorry Collaborate. wink

LivesInJeans Sat 03-Nov-12 11:59:53

Yes, sorry Collaborate grin

Collaborate Sat 03-Nov-12 12:26:44

Thought I'd kept the dog and nails a secret.wink

MOSagain Sat 03-Nov-12 16:34:22

mumblechum I think that is a little bit unprofessional dislosing his dogs name. Confidentiality and all that wink

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now