Mortgage Money

[Whattheforkisgoingon]

Hello

Looking for a bit of expertise on a matter before I dive into with my solicitor.

I’m going through a separation at the moment and my ex has agreed to take a small payout from the house(which will be paid by my parents) on top of that they are also going to pay a significant sum to my mortgage to bring it down to what I can afford. With me paying them back in a few years. The first part will be agreed through the solicitors.

However, what they are scared of is that until we are officially divorced, ex is still officially my next of kin and worry they pay this money to my mortgage and I drop down dead the next day(lovely I know) but then ex swoops in and gets everything.

Would it be wise to include this in the separation agreement that until we divorce in the event of my death, ex has to pay this money back.

My parents don’t want ex to know they are giving me a loan of this money so looking to know what options I have.

Thanks.

This is why sorting out jointly owned property on divorce needs legal advice.

In so far as the house is concerned, if you held it as joint tenants has the joint tenancy been severed? If not then fears of what could happen if you 'stop a bus' are wholly justified; your 'share' passes to her.

Speak to your lawyer asap if you're in any doubt about that.

Given you're separated/estranged you might want to consider making a will which explicitly anticipates your divorce and ensures that money passes to whomsoever you want it to.

The rest of it can probably be dealt with by proper sequencing of transactions and formalising the arrangement where your parents lend you money to reduce the mortgage.

Don’t do anything without a financial court order and final divorce order first.