To put all finances in DH's name?

[Icantrememberwhy]

I have been with DH for 15 years and everything has always been shared equally. However, last year we went through a rocky patch (and thankfully came through it) and it made me question if I had put myself in a terrible position.

Regardless of everything being shared, the house and mortgage are in DH's name (because I was a SAHM at the time) and all of our savings are in his stocks and shares portfolio too.

In the event of a relationship breakdown, would I still be entitled to half of everything? How does it work? Feeling worried

They really should teach girls about financial independence in school. Unbelievable that women think it’s ok for everything to be in the man’s name. My MIL is the same, but she’s 80 so she’s got an excuse.

Im divorced. Two children.
Everything was in my DH’s name

Didn’t make a blind bit of difference to the settlement

call me cynical but I would photo shoot every thing possible before you ask him to put half of it officially into your name. I think his reaction will give you an idea if evidence if what he has is needed.

I have to say I find it odd and concerning that you have next to nothing to your name.

@Icantrememberwhy

In the case of a divorce you have to complete "Form E" which shows all the assets of both parties. It is an offence to fill it in incorrectly but - of course - always a strong possibility. If you know all the saving accounts and so on them make detailed notes now with account numbers and amounts and dates. It is always a possibility that DH will try to evade things by depleting the accounts but that can be taken into account as any wrongful depletion if in the six months before. DH can - if needed - be questioned by the courts as to why he has only £100 then but £10000 now. If you can supply answers then you are in a very strong position. The matter of the house is irrelevant as to the mortgage. Even though you are not contributing to the grant of it you can still own the house jointly

You are entitled but if you divorce you're not going to want the legal expense and time delay of getting hold of any money. If the assets are modest then you could end up with nothing after paying £1000s in legal fees.

SAHM can be on a mortgage btw. The lender assesses household income not individual income and you having zero income doesn't mean you get a worse deal or can borrow less

@Mummyoflittledragon I remember when Steven gately died and some arsehole journo had tried to imply that simply because he was gay he must have had hiv and that's why he died so Young. I was watching the Wright stuff and he was also livid at this as he'd had a friend die young & very unexpectedly from iirc what was discovered upon autopsy to be an undx aneurism:

Young people can seem fit and healthy and just drop dead from undx conditions, I've known it happen.

@Sodamncold if your ex was either honest and played fair or too dim to hide the funds well then you're lucky that's not true for everyone - plus it takes tome for the settlement to come through. Mine was a relatively straightforward divorce but ex dragged his heels (partly to inconvenience me, partly to avoid marrying ow) took over 3 years for it all to get sorted!

Starting point the house is half yours as you are married. it is a matrimonial asset. You don't need to have it in your name or have contributed.

The money in his name can be moved around and spent without your knowledge. So not ideal.

Should he die you can't access any accounts without your name on being on it. This slows down the process of day to day living, shopping and bills until you get it sorted. With a joint account it is easier and you continue to access it as if he were alive.

Equally if on the bank account you are responsible for any debts even if he blows the money on something.

It benefits you more to be on the account should you need to access the funds in an emergency.

A Will can not alter your legal rights. He can't decide to leave the house to his best friend and cut you out simply because your name is not on the deeds. Marriage does make a difference.

Being on a mortgage (the debt) and being on the deeds (the ownership ) are two different things.

You need to have your name on the deeds which is entirely possible. What if someone provided half the value of the house in cash at purchase are people seriously saying they cant be on the deed because they arent on the mortgage? Give your head a wobble.

Most banking and stocks and shares are dealt online. Unless regular paper statements are arriving how are you going to know what's there?
How are you going to get hold of the passwords and usernames?

Do you know about all his stocks & shares holdings? If he listed them out, would you know if he'd omitted any?

Of course half of them should be in your name. If it makes no difference (which he'll probably claim), then perhaps they should all be in your name? But he'd never stand for that, would he? Then why should you?

being a SAHP is not a reason to not be on the mortgage. how did that come about? you are at least married but still not ideal and would rectify.

I have read the entire thread in detail, so someone may already have mentioned this. Op, you can fill in a form to register your marital rights to the home with the land registry. It means that he can't sell or remortgage it without your knowledge and consent.

My daughter did this after she left her financially abusive husband. They will write to your husband too, so no knowing how he will react, but it needs doing to protect yourself. My daughter is getting divorced now and is entitled to at least 50% of the equity in the house.

I am a sahm mum but my husband put my name on house and mortgage.

@Graphista

I trusted him completely re finance matters
And four years post divorce still trust him completely

Solicitor said that she’d never come across a civilised divorce before!

So i do appreciate my scenario is... unusual

more civilised

Starting point the house is half yours as you are married. it is a matrimonial asset. You don't need to have it in your name or have contributed

The equity in the house isn't half-yours until and unless the divorce settlement makes it so. Prior to divorce 100% of the equity belongs to the owner, who can legally spend it.

(Though the owner may not get away with a spending spree just before the divorce. In that case the amount spent may be treated as a portion of joint assets that they've pre-allocated to themselves.)

You can register matrimonial homes rights which prevent the house being sold or remortgaged, however if you have one of those 'swings and roundabouts' that you can pay off more or add debt to, it doesn't stop your H doing the latter and thus reducing your final settlement.

I did this when I divorced and was never contacted about the MHR being lifted when the sale of the property went through. I presume the solicitor was but it felt very precarious.

If you have savings and investments in his name too you have absolutely no idea what he could do without your knowledge. I'd suggest you try and get things sorted out ASAP and dont accept any excuses from his as to why you shouldn't or can't separate your finances.

Are you planning to leave or otherwise expect the marriage to come to difficulties soon? The way you are speaking makes it sound like it. If so you need to be careful of not making him suspicious when making these adjustments etc as he might lose trust in you and lock down even more, you need to get as much done behind his back before you let on there’sa problem

The assumption that you're restricted in working due to DC - only if he and you have both decided you are to take on the bulk of that responsibility and the subsequent loss of earnings for you.

You don't have to accept that if you don't want to. It's been said many times on MN but childcare is a joint expense.

My mum had everything in her name, when she had her accident and coma the struggle my dad had from all companies to talk to him until he got a court order from the office of public guardian. They told him if it was joint names he’d be able to access it easier - from banks to bills

Regardless of everything being shared, the house and mortgage are in DH's name (because I was a SAHM at the time)

I was a SAHM and pregnant with number two when we switched our mortgage to a new building society and increased our mortgage by 50%. It was still joint! The amount we could borrow was obviously only based on DHs salary but the loan and the house were in both our names.

pickup

I've just gone on mortgage and I've had everything finance and piece of paper and wage and income tax assessed, debts.. Everything.
And the loan to value is tiny.

Incidentally all our savings are in my name as a) single policy got a better rate and b) as a non taxpayer it was better to have them in my name (although now the income tax on savings interest has changed). DH jokes about my substantial running away fund. Current account is joint. Car is in his name as you can’t have joint registered keepers.

Start a conversation about Wills and what happens if one of you dies.

It is worth knowing every account as divorce relies on honesty. A court will not go over expenditure unless it is completely unreasonable, expensive holidays, even expensive socialising or new cars, bikes are deemed reasonable.

The other factor is you would have to find the funds, given a court process takes about a year that gives an Ex lots of opportunity to hide money and courts only ask for 6 months. If he set up new accounts you wouldn't know.

This happened to me. I couldnt prove Ex hid money but it was obvious, post divorce. In theory you can go back but you have to find thousands of pounds to fund another court case as well as specialist accountants.

@Sodamncold very unusual ime, I've known of ex's who've:

Stripped the house of all furniture and furnishings AFTER they moved out INC the children's beds which he sold

Taken vehicles adapted for their ex's disability

Deliberately run businesses into the ground and declared bankruptcy

Taken and sold heirloom jewellery that was their ex's family's heirlooms

"Sold" valuable items cheaply to friends & family members so no longer classed as their assets, then "bought" the items back after the settlement...

People are horrible during a divorce:

but childcare is a joint expense absolutely!