Getting Married But Concerned About Assets

[CosmicCocoPops]

Hey all, I’m in an ace relationship with someone very lovely indeed and we’d like to marry. A concern we have though is that he’s on a mortgage with his ex-partner. The split about 10 years ago but he stayed on the mortgage. He pays nothing towards the mortgage. It is an interest only and due to be settled in 3 years. She won’t be able to settle it, but from what I can gather will be reluctant to sell meaning feasibly the house could be repossessed. If we’re married at this time can they come for any of my assets (which I guess when we marry will be joint?) I’m going to seek advice, but am wondering if anyone here has an idea :)

So there's loads of equity in the house then? Why do you think anyone could ever come after your assets if things got messy then? There's never likely to be a shortfall in the event of a forces sale is there?

not enough to buy a gaff big enough for her and son and her elderly mum (who lives in annexe), and dogs.

That's not your partner's problem! He needs to leave them to stand on their own two (fourteen?) feet.

I own my home, mortgage free

I think you would be mad to marry - what if he tries to get some money from your property if you divorce? You would end up having to sell. Does he have his own property?

She's doing well to have managed to keep up paying the mortgage on a house and annexe and bring up kids while working part time isn't she?

@pigsinoodies Deffo equity enough to buy a small place outright, but not enough at all for her to buy anything like she has. And yes, no shortfall I suspect. No reason for mortgage company to head our way at all, guess my little head is whirring with possibles. Thanks :)

Well, that needs to be sorted out before you both even consider marrying.

The pair of them need to book an appointment with the mortgage provider and find out what options there are available for him to disentangle himself, if nothing is available/agreed on he needs to see a solicitor and start whatever action is necessary.

He may have been a daft 20 something when he got into this mess, he isnt now.

@pigsinoodies the interest only mortgage is a tiny payment. Think she gets a carers allowance for looking after mum. Agreed, her pad sounds magnifico, but I don’t think it’s any great shakes in real life

@converseandjeans yes, I can absolutely understand the thinking here, thank you.
@Blanketpolicy he certainly isn’t, confess I am slightly puzzled as to his thinking back then.

Sounds like she should have thought a bit harder about the long-term welfare of her son, mother and dogs before deciding to live for a decade in a house she can't afford

Sounds like she should have thought a bit harder about the long-term welfare of her son, mother and dogs before deciding to live for a decade in a house she can't afford

This is very true. The top and bottom of it is that she is living beyond her means in a house she can't afford and your fiancée is going to have to be proactive if he wants to marry you.

Thanks all, very grateful for your responses.

I don't thinks I'd be getting married in your situation. Certainly not without legal advice and prenuptial agreements etc.
A marriage is a legal contract, which for some people is exactly what they need to provide financial security in the relationship. If you don't need this (or if indeed it would potentially disadvantage you) then why would you get married?
If you want a ceremony/party and celebration of your commitment to each other you can do that without entering into marriage.

Where does he live at the moment @CosmicCocoPops ? Does he contribute to your house?