I have a house in the UK, and I moved here to Aus 12 years ago. I am 44 now and bought the UK house when i was around 25. I had about 1 year left on the mortgage and decided to sell it just now. I have been married for 7 years, and the wife has not contributed to this house in anyway before and during the marriage. For our marrital home, we bought this together approx 1 year after marriage and as I earn more than her, I pay 60% of the mortgage and all bills. This is in additition to the payments I make to my UK house (so it's not like she is quasi contributing to my UK house by her more percent wise to our marrital house - I pay my fair share, more in fact, and soley for the UK house).
We've had some issues in the past and so far things are looking better, and it looks like its all behind us, however I'd like to protect the above in the event when we split up. I am looking at using the above money to buy a house for my brother in the UK who has disabilties. To cut a long story short, the family is chipping in to buy him a house. My parents are getting old, and obvisouly want to make sure he is ok when they die. They don't have the money to buy him the house alone, hence I sold mine and will help. My house is worth 90k pounds.
We are in a dilema about how to handle it. On one hand I can get a new UK mortgage (don't need advice on this) and fund the remainder 20k through a mortage which will take approx 5 years. But our concern is that if anything happens to our marriage, she will try to make a claim on this and force me to sell. Also, if I die, she will inherit this, and again might sell it. We need to ensure she cannot get the house. I understand I go down a Binding Financial Agreement and this is one option I am exploring. The other option is to just gift my money from the sale of my house to my parents and they get the mortgage instead. My only question here is on this latter option. If do this , where does that hold up in court if we were to split up in 10 years time? I know she cannot get the house itself because its not in my name, but can she make any type of claim on the 90k, even if I no longer have that money and it was given away all that time ago?
thanks,
We've had some issues in the past and so far things are looking better, and it looks like its all behind us, however I'd like to protect the above in the event when we split up. I am looking at using the above money to buy a house for my brother in the UK who has disabilties. To cut a long story short, the family is chipping in to buy him a house. My parents are getting old, and obvisouly want to make sure he is ok when they die. They don't have the money to buy him the house alone, hence I sold mine and will help. My house is worth 90k pounds.
We are in a dilema about how to handle it. On one hand I can get a new UK mortgage (don't need advice on this) and fund the remainder 20k through a mortage which will take approx 5 years. But our concern is that if anything happens to our marriage, she will try to make a claim on this and force me to sell. Also, if I die, she will inherit this, and again might sell it. We need to ensure she cannot get the house. I understand I go down a Binding Financial Agreement and this is one option I am exploring. The other option is to just gift my money from the sale of my house to my parents and they get the mortgage instead. My only question here is on this latter option. If do this , where does that hold up in court if we were to split up in 10 years time? I know she cannot get the house itself because its not in my name, but can she make any type of claim on the 90k, even if I no longer have that money and it was given away all that time ago?
thanks,
