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Maternity Leave Mortgage

4 replies

Britmka · 30/11/2023 13:11

My husband and I got married this year and are expecting our first child in March 2024. Prior to us marrying I bought my first home, which is currently an investment property that I have $160,000 remaining on the loan (the property is worth about $390,000). With my current mortgage and rental income the house pays for itself but does not earn money. The home has good bones and is in an area with a lot of growth.
My husband wants this to be my thing and for me to pay it off on my own - given that we are expecting a child and plan to have more I predict it would take 10 years for me to pay this off on my own (I predict i won't be returning to full time work for atleast 10 years).
My question is, should I keep the house and let it pay itself off on 10 years (even though this would cost us lots in interest), or should I sell it and purchase another house that I would have zero or minimal mortgage on that would make me money? Or third option should my husband pay off my remaining mortgage?
My husband has no debt and about $500,000 in cash.

OP posts:
WineIsMyCarb · 30/11/2023 13:19

Are you in the US OP? In the UK your marital assets are considered joint, outwith any specific ring fenced amounts (eg inheritance, sometimes). I would suggest not looking for a moral or personal judgement here but investigating your legal position, particularly given your DH's apparent perspective of 'your debt, his savings', when in fact rhey are mutual in the marriage.

LaurieStrode · 30/11/2023 13:21

Keep the house if it's appreciating in value each year.

jolies1 · 30/11/2023 13:45

If it’s a good house in a good area with minimal upkeep I think I would be tempted to keep it as a nice little nest-egg if it’s costing you nothing. However I would seek advice on your legal position regarding all family finances and if DH is unwilling to contribute investigate a way to ensure the asset is protected. It could be your pension especially if planning to have a significant amount of time working part time. Are family finances fair otherwise, OP? Is DH supporting you financially during maternity / while you work part time to bring up DC’s?

Britmka · 30/11/2023 23:20

@WineIsMyCarb thanks for your response, we are in Australia.
@jolies1 yes I think maybe that is a good idea. DH comes from a farming family - they have a family business and all money is put into a trust. I think this gives security to the immediate family but I need to investigate my legal rights. I am still working now (27 weeks pregnant) but when I start mat leave DH will be supporting me financially from then on.

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