Deed of Trust

[JLbaby]

I'm also posting this in divorce/separation 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?

Thanks.

[Collaborate]

Unlikely to have much if any effect. those trust deeds are only of use if you separate not having married.

[Arcadia]

Not much effect unless your assets exceed both your housing needs which for most people is (unfortunately) not the case.

[Arcadia]

It's more relevant what your respective mortgage capacities are and who the children will spend majority of time with.

[JLbaby]

Children would spend more time with me I imagine as I am the primary carer as I work part time (and also don't earn enough to be able to get a mortgage). H earns 6 figures so would easily be able to get another mortgage.

[Arcadia]

You would be looking to get a far greater chunk of the equity then if sold, or seek an order to remain in house until children older or you remarry (a mesher order). Also you should get spousal as well as child maintenance. See a lawyer! Good luck.

[JLbaby]

With the mesher order, how does it work? As I couldn't afford to pay the mortgage/bills on our current house on my own - would he have to contribute?

[Arcadia]

The mesher order allows you to stay in the house. You would have to pay the bills and mortgage so that is why you would probably need spousal maintenance on top of child maintenance.

[mummyburnal82]

Hi,

I am at the very early stages and considering separation from my darling H. My parents and brother contributed all the deposit to the house and we had a verbal agreement that eventually we would pay this back. In hindsight an awful idea as we have had a breakdown in communication. If I was to get a deed of trust signed by him and witnessed would this hold up and protect the deposit given by family. Anything above that from the equity of the house would be split 50/50 but just want the gifted deposit to be protected.

Any advise?

[Collaborate]

You don't need a deed of trust - merely written proof of the debt.

[mummyburnal82]

So when we mortgaged the property my parents had to sign a gifted deposit certificate would this suffice?

[MarieG10]

Why on earth would he sign that now? In any event if he is getting legal advice any solicitor worth their salt would tell him to refuse

To all j tents and purposes the equity it created is a marital asset but you can argue the point