Hi there,
It's all a bit sticky… my husband and I aren't getting along as famously as we'd like the thing is when we got together I had two properties one of which I'm in the process of selling (way beneath market value if you ask me) but nethertheless the nuts and bolts come down to having a son together (now three) paying out ato debt and almost paying the house that 'we' are living in. With finances up in the air some nasty threats on occasion and my husband feeling a little bit left with little (though he had little to begin with).
Our income hasn't been overly stable since we have been together and finances seem to be part of our breakup problem. This aside and in trying to think of our son Sam and his stability as well as our (as in son and I) own protection. it's easy to say stuff you don't mean when you are trying to think of your future but in trying to think of my husband and sons future some food for thought I'd appreciate comment on…
If I was to go guarantor for an agreed property purchase for my husband to live in and either be a stable 2nd home for our son or if things somehow worked out – a considerate investment for all (first home owners to consider also? unsure) I was thinking that down the track with real estate prices being good at the moment maybe it would be reasonable to expect 50% of the increase over a set period of time or until sold.. aka (school fees etc.) he could have a go at being the responsible home owner…
What would I need to do to go about protecting myself and my son? Does this sound viable or thoughful? My husband has a higher income than I although he was only recently out of bankruptcy.
Also how do I go about protecting my current asset? Feels a bit tricky but would I have to wait to put a caveat till after purchasing another?
I don't know? It seems that he wouldn't be able to buy without me and although I have lost at least partially because of him that something like this could benefit all concerned… I guess I'm just wary.. and going on.. and on… sorry… vino make me happy… be still my thinking bit sad concerned mummy mind!!!!If your finances are already tight, purchasing another property that your husband would live in, paying bills on 2 properties etc will leave you in a worse financial situation.
Why would you sell your current property under market value?
I see some sentences there that suggest it might not be smart for you to go guarantor on a property for him:
"he could have a go at being the responsible home owner… "
"he was only recently out of bankruptcy"
"Our income hasn't been overly stable since we have been together and finances seem to be part of our breakup problem"If you are thinking about separating, why would you wrap yourself up in a lifetime of more money problems "together" ?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Its sounds like you love your son very much and still have emotions for your partner, and that the main cause of your breakup is finance problems. If this is the case, I would strive towards finding a solution to the financial problems, and only resort to a divorce as a last resort, whereby I would consult a lawyer for advice.
I would suggest see a marriage counsellor to work at the marriage part; see a lawyer to protect assets part, and a financial advisor for the long term finance planning part.
IMO you are nuts to go guarantor or joint anything if the marriage is on the rocks. It spells more trouble. Also take a step back and ask yourself what the future of your r'ship is? Why were you attracted to each other in the first place? Go back to the original reasons but I would definitely advise against creating more potential mess by increasing debts etc.
This statement of yours is a warning bell: "vino make me happy… be still my thinking bit sad concerned mummy mind!!!!".
Get help
Going guarantor would expose you and your assets if things went wrong. If your husband stopped paying the loan, then you would have to, if you couldn't your husband could lose that house, and if the sale of the house is not enough to pay the loan, then the bank could come after you and your assets.
Having a caveat won't help. This will only prevent your husband from selling or further mortgaging the property – and is still a good idea.
To protect your existing assets, there is not much you can do.
Also, you husband being recently out of bankruptcy would mean he would find it very difficult to get a loan.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for the help guys.. Sometimes it's just easier to ask outright than to ponder the hard questions for far too long. Sometimes it's especially to ask people you don't know personality, besides the fact you don't feel as much like a lunatic it's probably much easier for someone else to see logic with no involvement.
I need to do the right things and good things will follow!KellyP wrote:Thanks for the help guys.. Sometimes it's just easier to ask outright than to ponder the hard questions for far too long. Sometimes it's especially to ask people you don't know personality, besides the fact you don't feel as much like a lunatic it's probably much easier for someone else to see logic with no involvement.
I need to do the right things and good things will follow!Good call KellyP. Very true. I hope you figure things out without too much emotional or financial pain. Merry Christmas
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