Married but not on the mortgage ?

[Hideehi]

If god forbid anything happened would i still get the usual 60/40 split ?

The situation is I have children from a first marriage and two more with new partner.
When we met I had £40k capital which has gone on clearing his debts, holidays and living expenses whilst i've not been working.
Now we're going to buy a house next spring and the deposit will come from him and he will pay the mortgage, I'll earn pin money for holidays etc.
Having been in this boat before i'm just checking i'm protected.
TIA

Xenia - well I don't earn more than my DH - never will if I stay in work I'm in ATM (I'm a Care Assistant - and even the manager only earns the same as my DH currently does - and he gets roughly 20k with bonuses added in).

As it is - if we did ever split up - I'd rather not stay in this house - I'd rather get my own....even if that means having to rent and somehow get my own foot on the housing ladder. It's a lovely house - but I really can't imagine living here with just the DS's (and DC3 when it arrives) too big - and once he took his stuff out (which I wouldn't want) it'd be empty!

I'm actually perfectly happy with the situation - as I said earlier - when the time comes to buy a home in Zimbabwe it'll more than likely be me that gets the loan and makes the purchase (infact if we leave it another 10yrs or so I could probably afford to buy 2 houses ).

But what about if your spouse dies - there will be a period where the estate is under probate - what happens then if you don't own the house? Does this mean that the mortgage lender has more rights than you in that period? Have to say that I was worried when Yorkiegirl couldn't get access to joint accounts after Nigel's death until probate - wouldn't like to run the risk of significant assest being in one name only.

NdP - appreciate that you were in all the meetings, but still seems strange that you have signed to "register your interest", rather than signing the transfer. It would have been just as easy - hope that you really trust my financial adviser, because you're putting an awful lot of faith in them! I hope that they're keeping you up to date on all law changes.

LM - that's one reason DH and I have seperate accounts - I would still have access to the money in mine until the probate was sorted out - and as the tc's and CB go into it as well it's a pretty decent amount.

i second lady muck, don't think about if you split up, imagine if named homeowner died, think about inheritance tax and joint assets, you could potentially lose your home just cos your name wasn't on the deeds. We are just in the process of changing ours for this reason (house was bpught by DH before i was in the picture).

Yes QoQ - but if you don't own your home....

yes it's "nice" to own your own home - but I don't see that it's an 'essential' there's not many countries where owning your own home is so highly regarded!

pop re inheritance tax - DH's assets come no where near the threshold to pay it. If he dies the insurance is enough to pay off the mortgage which would mean I could easily afford to live here!

I cannot be on the mortgage for credit reasons, he won't get it if my name is mentioned so that's our problem. In his will he leaves all assets to me and i'm guessing i should become a tenant in common asap once he has the house ?

But QoQ - what happens to your house if DH dies? I guess he has made a will which gifts it to you, but what happens whilst you apply for probate?

I double checked with DH on this subject last night. It turns out I am on the deeds to this house but I am not on the mortgage.

I was not on either document at our old house and it made no difference when it came to selling etc.

Perfect NDP - half the asset, none of the debt