keeping my money for myself, but asking for some of the OH profit in house sale

[Gingernutz]

So, before my OH and I got together, I owned a house and they owned a house.
We got together, I moved into THEIR house and rented my house out.
we BOTH paid into a joint account for about 7 years and split the mortgage payments and household/living expenses equally (based on income) on the house we were living in, and for the last three years i have been the sole contributor to the joint account, whilst the other house (my old one) ticked along paying for itself via tenants.
Last year I sold my house eventually and got a nice little sum of £'s.
We are now going to sell the house we are living in. My question..
AIBU if I keep all of the profit from my house AND expect a percentage of the profit the new house has made from the date i have been contributing/paying the mortgage?
My OH believes that we should also spilt the profit made from the sale of my house because we just happened to have chose THEIR house to live in, but I say, imagine that i had SOLD my house as soon as i moved out of it to move into the OH's house and the invested that money into, say, stocks and shares which then went on to make a nice profit (about the same as the profit i made on my initial investment in the house for instance!) would they THEN be entitled to that profit? I see the keeping on of the house as a continuing INVESTMENT of my money, so my OH has no claim on any of it, but when i started contributing to the mortgage of the OH's house, i TOO became a joint investor in THAT investment...
Emotion aside, what are peoples thoughts on this?
(sorry for length..and that something i NEVER thought i'd be saying)...

[MerylStrop]

Yes, if you had taken out the money from the house and invested it elsewhere then I would expect the return on that investment to be jointly shared and owned.

Suggest you get legal advice, whichever party you are.

[oscarwilde]

I agree with Beast of Burden at 14.03 regardless of your gender.
As to funding the joint account for 3 yrs. It's largely irrelvant to this question as you have not offered any reasons as to why and what you have gotten out of this arrangement so we have to ignore it.

If you are married or presume to be in a lifetime committment then all assets are joint assets in my view, regardless of what was brought to the table at the outset of the relationship. If you have not sought to protect them legally and discuss that up front, it would be presumed by any normal person that this was the arrangement.

[onlytheonce]

I still don't get what's going on. If it's all going towards a new house together then isn't it all shared anyway? Or is there some sort of contract about who owns what proportion of the house?

[Fairylea]

I find it all very odd.

You don't sound very committed... when dh and I decided to get married and begin our lives together I put dh on the deeds to my house (which I owned outright atthe time) and we remortgaged for exactly half, which in effect dh is paying for as I am now sahm to our ds and dh is paying for everything. So we will totally own everything half and half. I would not be comfortable doing it any other way.

I have been done over financially in a previous marriage to the tune of losing 50k and my old house but I truly believe holding your cards to your chest as you seem to is a receipe for disaster. I really believe you should share everything, investments and property otherwise you are just the equivalent of flat mates.

[K8Middleton]

Do you have ginger nuts?

[MmeLindor]

Ah, ok.

So is this the situation.

You want to put everything into the new house, one pot, but she is scarred by previous experience and would like to retain her 'share'. Just in case.

Is that it?

[LazyMonkeyButler]

OK. Then what is the issue?

Is it that your OH wants the new house purchase to be legally split 60%/40% (for example)? Because if you are both putting all of your money into the new house purchase then I can't see your problem TBH .

Surely, if you are married, law will dictate who gets what in the case of a separation anyway?

[WilsonFrickett]

But your OP was based on 'keeping my money for myself' so why does it matter if it's all going into the new house?

And PLEASE stop with the RANDOM capitals.

[DuelingFanjo]

this is a reverse thing yeah?

[Beastofburden]

Hi ginger

I would say that a lot of you guys are focusing on the fact that the 'INVESTMENT' is a house and missing the point that, had I sold taken the money out of the house I owned and either frittered it away or invested it in something else that gave me as good a yield as property, would you all still feel that my OH should have some of that cash too?

Yes, that would be another good way to evaluate it. I guess what we are trying to quantify is the fair value that your OH has added to your investment by providing a place to live so that you could keep your investment in that specific property.

You could get a baseline for your own money- what you could have made without anyone's help. Take the market value of the house at the time that you moved in with OH, less the transaction costs you would have incurred in selling it, and see what the post tax profit would be if you had, say, invested that net sum in a cheap tracker fund. Compare that with your actual post-tax profit on the investment in property that you actually made, plus the post-tax rental income you enjoyed over the period (less costs). Any surplus is the bonus of having been able to be in property rather than any other investment.

Having established that surplus, how much of it is morally your OH's? I would say, the lower of: that surplus and 50% of the commercial rental value of his/her house.

What is a tad U is not recognising that your OH has made any contribution towards your investment. Yes, s/he has made it possible for you to have that specific investment, with all the benefits of tax free periods, reduced transaction costs and a stonking property market, rather than anything else.

I understand this is theoretical and I am glad as it does sound a little odd otherwise. Why do you want to establish this? is it to agree who owns how much of the new house?

[DontCallMeDaughter]

My DH has an investment plan which will mature in about 5 years and give him a very nice lump sum. I have never contributed to this fund in anyway, he set it up years and years before meeting me. But when it matures, the money will become "ours". I don't expect him to cut me a cheque for 50%, or even put it in our joint account, but I do expect him to discuss with me what we use it for and make a joint decision about spending it (we already have it earmarked for home improvements but that could change...)

When we both sold our flats to buy a house together, my profit/contribution was over twice what his was, but we both put it all in the house and I consider it jointly & equally owned.

We're married, so it might be different, but everything is 50/50 in our household and if we were to break up, I'd expect it to get split 50/50 again.

I think YABU.

[DuelingFanjo]

oh and why are you the sole contributor to the joint account?

[MissStrawberry]

[BreconBeBuggered]

Your 'explanation' about your OH's wishes and your intention to plough all the profits from your house sale into a new joint property doesn't really match up with your thread title about 'keeping my money for myself', does it?

[Gingernutz]

Blimey, I wasn't quite expecting this amount of abuse and conclusion jumping to be honest....
there are WAYYYY to many of you falling into the same thought process here. FORGET the fact that the investment i had was a HOUSE.
if we had both chosen to SELL our houses when we got together and jointly invest in another house, then nothing would be in debate. They would keep what profit they made on the sale of their house and i would keep the profit i made on MY house and WE would own the new house jointly so profit 50/50 from the new house. is everyone in agreement with THAT?

[poppingin1]

My comment was more to PatPig.

I just don't think it is helpful to make grande assumptions.

Although, I do suspect the OP is a bloke

I just think making assumptions may drive OP to disregard balanced opinions on the subject IYSWIM.

[ClutchingPearls]

Is the "ripped off by someone" the ex wife? Who jointly owned the current house before your relationship?

[Gingernutz]

DontCallMeDaughter,
as i have said, all the money i have made from the house HAS been invested into the new house we are buying, it is OURS, not mine....and to be honest it's actually the KIDS not even ours, we are just (hopefully) building on it for them!)

[MmeLindor]

Ginger
The reason you are getting a bit of flack is that you are being evasive and not explaining yourself well.

You now say that everything should go into the same pot, but your OP said the opposite.

[Beastofburden]

ginger do you accept my analysis?

I have tried to give you a fair professional assessment, I normally charge quite a lot for this kind of thing it doesn't feel as if you are listening.

[Fairylea]

I'm not in agreement with that. Surely all savings and investments become shared when you are married??

[ExitPursuedByADragon]

No.

[QuintessentialShadows]

Can you just make up your mind?

This is beginning to remind me of the leaves blowing outside, dancing hither and tither.

[poppingin1]

Ginger you seem to be chopping and changing from wanting one thing to another.

[MerylStrop]

if we had both chosen to SELL our houses when we got together and jointly invest in another house, then nothing would be in debate. They would keep what profit they made on the sale of their house and i would keep the profit i made on MY house and WE would own the new house jointly so profit 50/50 from the new house. is everyone in agreement with THAT?

Not necessarily. Only if that is what you both agreed and decided at the time. It's not how it works in my relationship. Everything is jointly owned regardless of where it came from in the first place.

I repeat, get some legal advice