HELP! will a house owned by me and dp be taken into account as an asset during divorce?

[DONTtouchMUMSfestiveJUICE]

DP is going through a lengthy divorce due to mediation sorting out childcare.

They split 3 yr ago. But no official seperation in legal terms

I have been offered a house as a gift, but it needs repairs and we will need a mortgage in both myself and dp name to gain the amoutn required.

Could his ex bring his new asset which he owns with me into the divorce

Enter in to a deed of trust. All that part gifted is yours, and all that funded by mortgage is joint. That way his interest will be worth nil initially.
Simple. :o)

Thanks, have just googled deed of trust. We had discussed this with my mum who is giting the house.

Problem is, we intend to repair the house and sell to finance something in this area so we dont need to move kids school.

When we buy something here it will not need to be as big or valuable as the house we will repair and sell.

there is a high chance there may be a profit gained, and we would then jointly own a new property which has no mortgage

the new place will also have trust of deed which safeguards my "gift" percentage, the remaining percentage myself and dp have as ours.... worried that if we perhaps manage to be at this point within 12 months, and dp divorce is still ongoing, we could find his ex-p making a claim on it?

But if the value of the first property is only enhanced by the amount of the borrowings, the entire net proceeds of sale will belong to you.

we were just thinking that over as you responded

esentially the new property would be fully mine. and dp would receive his share of profit as cash to be invested how he wished.