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Relationships

Mumsnet has not checked the qualifications of anyone posting here. If you need help urgently or expert advice, please see our domestic violence webguide and/or relationships webguide. Many Mumsnetters experiencing domestic abuse have found this thread helpful: Listen up, everybody

Financial imbalance in a relationship

22 replies

Ruby757 · 10/12/2021 22:31

When DH and I got together (second marriages), he had recently gone bankrupt while I was in a fairly solid financial position. I could afford to buy us a house with a small mortgage and had a good job. We have always contributed equally to household costs, other than the house capital, and then we kept our own spending money. DH is always overspending on his own personal stuff and gets into debt. I've helped him out with that quite often, as has his Mum. DH has also paid towards the costs of my kids from my first marriage, as my ex has not paid anything much in maintenance. We have muddled along like this for 15 years.

Over the last year, both my parents have passed away. It's been a very traumatic time with covid affecting their deaths. I am now due an inheritance. DH is keen to use this to buy a better house, primarily incorporating room for his extensive hobbies and his small business. I feel railroaded into spending most of the inheritance on his requirements!

I'm not sure what is reasonable here given that a couple's money is regarded as joint. Where we have tended to keep our finances separate (I was very wary at the start given he had been bankrupt) I feel that now this money is on the horizon, DH has already spent it on himself!

We've seen a good house but it would need extending to provide the space DH wants. I wouldn't benefit from most of these adaptations. AIBU to feel a bit of a mug to fund all of this?!

OP posts:
ThisIsStartingToBoreMe · 10/12/2021 22:37

How old are you kids? Could you give the money to them for house deposits?

Immaculatemisconception · 10/12/2021 22:39

Don’t do it. Do not do it. Definitely don’t do it. Hang onto your money, it’s yours not his. Don’t even think about it.

Sosoo · 10/12/2021 22:40

If it’s not what you want then say no. You should not have been bailing him out. Is he a child? Financial incompetence in adults is very unattractive to me. Have you just become used to saying yes to him?

Perhaps give your kids some of it to set them up so at least if things go tits up, they won’t lose out.

UrsulaBursula · 10/12/2021 22:40

Nope. Don’t do it

Ruby757 · 10/12/2021 22:41

My kids are adults now but both have additional needs. One is severely disabled and can't live independently, so will live with us for the foreseeable future. I could certainly consider a house deposit for the other one.

OP posts:
ThisIsStartingToBoreMe · 10/12/2021 22:43

Yep. A house deposit for one and put the rest in a trust for your disabled child - they will need it. Your husband struck gold meeting and marrying you as a bankrupt, he's had enough already.

Totalwasteofpaper · 10/12/2021 22:45

No no no. You are housed adequately and he is already doing well off you.

He can afford expensive(?) Hobby equipment that requires significant storage space but can't save amd loves hand to mouth?
It's a no from me.

You need to look after your and your children's interests. My advice is just to say you saw an IFA and now it's all tied up.

Totalwasteofpaper · 10/12/2021 22:46

I missed you are married Shock get an iron clad will in place if you don't already.

Duckrace · 10/12/2021 22:48

Don't do it

Ruby757 · 10/12/2021 22:50

Unanimous responses!! Thank you. Yes, I am a mug as I suspected! I will take some independent financial advice and knock this house idea on the head.

OP posts:
Viviennemary · 10/12/2021 22:54

I think inherited money belongs to the person who inherits it. And its mainly up to them to decide what to spend it on. No I absolutely wouldn't be railroaded into spending my inheritance on buying a bigger house if that was not what I wanted. Stand firm.

Ruby757 · 10/12/2021 22:54

I do have a good will in place which ensures my children are well provided for. You are right that my focus now needs to be on ensuring their futures are solid, not funding hobby space for DH!!

OP posts:
Skysblue · 10/12/2021 22:58

My main advice is don’t do anything in a hurry. You’re recently bereaved and it’s been a tough year. Put it in an investment fund and think about it in a few months.

Do NOT spend it all on some huge property + build project that it’s clear you don’t want. Either this is your money, in which case it goes in your needs/wishes/kids, or it is joint money, in which case it goes on something jointly fun for both of you. Or it is family money that you keep save for your children, presumably the bloodline of the deceased who left the inheritance. There is no scenario in which it should all be spent to benefit DH.

Tell him it’s too soon after the deaths to decide what to do with it, and you’re bot sure about moving house, so you have invested it as a temporary solution and “let’s talk about it next year.”

Ruby757 · 10/12/2021 23:09

Yes, it is too soon. I'm struggling with not having my Dad to ask for advice - he would have been my main source of wisdom 🙁. You are right about the importance of sustaining the inheritance in the bloodline of the deceased. This doesn't mean DH and I can't enjoy some of it together, but it is far too soon for me to be making any major decisions.

OP posts:
jay55 · 10/12/2021 23:13

He's had 15 years to save up for a bigger house. But he carried on spending for today and let you bail him out. He's already had his share.

freeatlast2021 · 10/12/2021 23:31

@Viviennemary

I think inherited money belongs to the person who inherits it. And its mainly up to them to decide what to spend it on. No I absolutely wouldn't be railroaded into spending my inheritance on buying a bigger house if that was not what I wanted. Stand firm.
This is correct, at least where I live (not UK), inheritance is not considered joint property.
lionobserving · 10/12/2021 23:45

OP if you do put any into a bigger house, use a deed of trust to ring fence it (just in case). Do not be concerned about hurting his feelings in doing this - you can make clear you're doing it as it's money from your parents that will be for your children (& if he has an issue with it then that's a very big red flag).

Don't be bullied or guilted into doing anything. Take your time.

youvegottenminuteslynn · 11/12/2021 00:10

I'm so, so sorry about your parents OP Thanks

MMmomDD · 11/12/2021 02:12

Definetely talk to a financial advisor.
But generally - setting up trusts for your kids is the best way to protect that money and put it to good use, when it’s needed.

heyday · 11/12/2021 09:09

Be very careful how you proceed here. I think you should get some proper legal/financial advice on how to protect your assets in case of death or divorce. Also, don't overlook potential inheritance tax obligations if you give money away to children...its a minefield.

Rainbowqueeen · 11/12/2021 09:23

This should be your decision not his.
Of course he is entitled to input but he should be asking what you want to do with the money and supporting you.
Has he even asked what you would like to do or is he just focused on how this can benefit him?

picklemewalnuts · 11/12/2021 09:26

Brush his suggestions off- 'No, I don't want a bigger house'. 'No, I don't want to move'. 'No, Dad would want us to spend it on the kids' etc.

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