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11:25am
11:25am, 24 Jan 2025
3,738 posts
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Muttley
So Muttley Jnr's job is looking secure and a decent long-term prospect. The time is approaching to start paying his own mortgage instead of the landlord's.
We are fortunate in that I can contribute substantially. But ... I want to do it in such a way that if he is hit with a division of assets in future, my contribution stays with him/us. Divorce, financial disaster, whatever. Unlikely but I can only afford to do this once so I want protection.
Anyone been there, any experience or ideas about achieving this? Alternatively, am I overthinking it and is there no need to worry?
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11:38am
11:38am, 24 Jan 2025
22,683 posts
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Cerrertonia
It is possible to attach conditions to a gift, for example to say that the money is a gift but in the event of separation, it will be repaid by one or both parties. Potentially you could think about loaning rather than giving the money, or using a trust. All of these things would need advice from a solicitor. There's also a thing called a 'declaration of trust' that might be used to specify what happens when a future sale of the property happens. You can name yourself as a “tenant in common” via a deed in trust, such that you would be entitled to a share of the property when sold.
Of course, if there are in future dependent children to take into account, a family court will prioritise their needs (and generally that of their mother) over all of the above.
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12:22pm
12:22pm, 24 Jan 2025
28,258 posts
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GimmeMedals
Is he buying it with a partner? If not, when the time comes for someone moving in with him, maybe get a pre-nup type agreement that the value of the house at that time remains Jnrs and partner would then be able to claim if the house value increases further during their time together.
This may not be possible, but I bet rich folk come up with such agreements somehow.
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Things I found on Rightmove
Jan 2025