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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 06-08-2017, 02:00 PM
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Hi All,
strange question.
I am separated (waiting a LONG time for her obligations of the separation to be met prior to filing for divorce).
My GF is selling her home later this summer and moving in and "buying" a 50% equity share in the home (i own 100%). I have some debt that I want to clean up and she wants to front me the cash (about 15k) and put that towards the house - perfect.
She is (reasonably) nervous if something happens to me during this time before she moves in that she would not see her money again. Her lawyer tells her a statement of debt from me would not hold up and that she needs to register a mortgage to me (at a cost of several k).
Seems like overkill, i don't plan on dying but won't go down this road if she is at any risk.
I should add that the separation agreement that Upon my death the children receive my life insurance (500k) through a trust. All other claims to my estate were revoked.
thoughts?
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Old 06-08-2017, 04:40 PM
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It's always more complicated when you begin a new serious relationship before the previous one is finished being dissolved.

Do some research on cohabitation agreements.

If she's going to pay you some money to become a part-owner of your house, there's going to be some paper work associated with getting her name on the deed. And it's weird when you're on the deed but not the mortgage, so you'd need that too. This is important protection for her.

Do you have a legal separation agreement and your ex is just being slow to do the things it requires? Or do you not even have a legal separation agreement yet?

My advice would be not to commingle any finances with your new girlfriend until all entanglements with your ex are resolved. Maybe your girlfriend can delay the sale of her house, or rent it out for now.
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Old 06-08-2017, 06:38 PM
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Thanks Rioe.
I have a very explicit separation agreement which upon further review is pretty clear about claims against anything beyond my life insurance policy being moved to a trust for my children.
Completely agree on the cohabitation agreement - very good advice.
appreciate it.
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Old 06-08-2017, 08:40 PM
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Your new gf needs to protect her advance. a Note with collateral 2nd mortgage registered would do that - and you could both attend at your local Registry Office and one of the freelancers there would sort you out. Registration of a charge is about $78.

BUT it would likely throw your existing first into default (most 1sts dont permit 2nds, without consent).

I think the 'fronting' of the cash needs to be delayed, until a cohabitation agreed with full financial disclosure, a transfer for 50% is prepared and registered in her name, with consideration paid (and with consent of your first mortgagee).

Although, you could transfer title, receive payment of 50% equity, without advising the 1st. Sketchy, but doable.

If this is your long-term relationship, why not do it the right way. Cohab, she buys into the home 50%, chargee advised and consents, etc.

In this market, time is on your side.
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