Joint mortgage/banking with DH

[katykittens]

Been with DH for several years, married for two. Before we met he already owned two properties. We moved to Australia 3 years ago and have a joint local bank account but we each have separate UK accounts and separate credit cards, all acquired before we were together. His UK account I suppose is the "main" account with the most money moving in and out, direct debits etc. I'm not working at the moment, so entirely dependent on him. Money isn't an issue, I have access to obviously the joint account here in Oz and I can withdraw funds from his UK account using his ATM card whenever I want to and I also have access to all the online passwords etc.

I had suggested to him that when we next visit home in a couple of months, we put my name on everything so that everything is joint like I know many other married couples do. Basically, his main UK account becomes a joint account and my name goes on the 2 mortgages. He was kind of surprised about why I wanted to do that, and what was I afraid of or what was I trying to secure (as we are both of the understanding that if we ever were to divorce all assets are split 50/50 anyway, please correct me if I'm wrong).

So what I'm asking, is there any reason why I would need to have my name on the mortgage or to have the bank account joint?

I'd probably reverse the question and ask of there's any reason why you shouldn't be on the mortgage.

Well there isn't. He said yeah fine, but didn't think it makes a difference either way. Does it? I haven't really looked into it.

its against the terms and conditions of his account for you to use his bank card, know his PIN and his internet log on details so for those reasons alone your name should be added to the account if you are actively using it.

I think if there are assets you bring into the marriage, it might be slightly different.

But you should take advice from a lawyer who understands UK and Australian law, because it's not clear which you'd be governed by in what circumstances PLUS you should have a will that makes sense too. For example, in Spain there isn't a spousal exemption for inheritance tax, I think. It may be better if you each own one property, or if both are put in trust etc (not a lawyer, just kicking around possibilities).

You don't need to be named on the mortgage. As a married couple, any assets you have are deemed to be joint in the event of a split. Properties owned prior to marriage are treated separately but, the longer you stay married, the greater your entitlement to treat them as shared. All that being jointly named on a mortgage achieves in reality is that you share responsible for the payment of the debt if he defaults. Whereas, the way things are currently, it would be him alone chased for any arrears.

For account management I'd suggest you set up a separate joint account into which both of you (when both earning) deposit an agreed amount each month to pay for household and other shared expenses such as holidays, home improvements, family savings etc. Keep a private bank account each for personal expenses only. If you become fully dependent on him at any stage you would use the joint account. Not every couple rows all their money in together and, from personal experience, I wouldn't actually recommend it.

Are you thinking of splitting?

The above is UK law. If you are in Australia you would need to find out if different conventions apply there.

Ah ok, that's what I wanted to know re. mortgage Cogito. Thanks.

Re. the account, the reason I brought it up with him was because it seems strange to me for us to have separate accounts (even though we 'share' all the money) but maybe it's not that unusual.

Thanks those who replied.

If anything did happen to one of you then joint accounts are a good idea because you would have access in the event of a death (just one scenario). If the accounts are in your husband's name alone then there would be more tedious paperwork to go through at an already difficult time. Possibly some considerable delay too.