VIC Good Idea to Refinance the Mortgage After Separation?

[Denny]

I have recently separated from my husband and moved into a rental with intention of selling our family home soon. My ex-husband, however, is asking me to refinance the mortgage so he can afford to stay there for another year. He would be willing to pay mortgage and all associated bills.

Just wondering if there are any adverse legal implications for me doing this?

I have two children and they are living with me. I am trying to keep the peace but just feel a little uneasy about this.

 

[Rod]

wondering if there are any adverse legal implications for me doing this?

Generally, no. The only issue I see is if your credit rating is impacted if he refuses to pay the mortgage. This assumes he puts all services into his sole name.

 

[AllForHer]

Hold up, he's not asking to transfer the deed into his name exclusively, is he?

 

[Denny]

No, but I am worried how funds will be handled. He is talking as if it is his money and he is taking in all the debt because he is making the mortgage repayment. I am paying rent and supporting our two children with no maintenance from him (he is not willing to pay unless I ask each time I need money)
This has already been an emotionally and financially abusive relationship hence my reservation.

 

[Rod]

To 'refinance' can mean different things. If you take you name off the mortgage then it can mean he can get access to the title if he pays out the mortgage.

Suggest you need legal advice .

 

[AllForHer]

1. Someone should be paying child support. Child support isn't optional, it's a legal obligation, so call CSA and tell them you want to initiate a child support assessment. If he refuses to pay, it's an enforceable debt.

2. I wouldn't refinance the mortgage until you've had propert legal advice. My concern is that this is going to look an awful lot like a property settlement, but at great detriment to you. Tread carefully.

 

[Clancy]

You should finalize your property settlement first. Then you can co-operate to whatever refinancing arrangement he wants, provided you get your property settlement payout. You would want to avoid remaining connected to his debts, because if you wanted a loan in the future, the lender will consider the entire debt as yours even though its not. Your ex may try to sweeten the deal to get you to agree because he can borrow more money with your income (on paper) next to his.... ok you may be able to take advantage of that if your not planning to borrow money yourself in the future, but ask your lawyer.