Jointly bought house now getting married

arrianalexander

Hi

I have a few questions about my property.

Back in the boom , I bought an apartment with my father. The bank wouldn't give me the mortgage on my own so my father came in with me

I am due to get married and my question is what happens to the property . what legal will my oh have to the apartment?


We don't live there now as my wife to be has bought a house and that where we live now.

Feel free to ask any questiond

, it's something I'm not sure on so came here looking for a bit of advise

Mrs OBumble

Get some proper legal advise about the relationship you are about to enter into - the effects on property and everything else. It's mind-boggling that anyone is allowed to get married without knowing the consequences.

arrianalexander

Mrs OBumble wrote: »

Get some proper legal advise about the relationship you are about to enter into - the effects on property and everything else. It's mind-boggling that anyone is allowed to get married without knowing the consequences.

Again was just looking for some guidance rather exact facts

There is no pressure from any party about it , me and my partner have been in a long term relationship so it's not something we have rushed into

We are just looking to have an idea what to expect before we go to solicitor

SarahMollie

Obviously go to a solicitor, but my opinion there are two seperate issues here.

1. The apartment you own with your father. I'd say your wife will not co own whatever your share is in that property. Do you have a ratio in place whereby he owns 10% and you 90%? Has your Dad actually paid towards this apartment or want any equity in it? If he really owns a share, would it not be cleaner to just sell up?

2. Your Wife to be's property will be jointly owned by you both.

arrianalexander

SarahMollie wrote: »

Obviously go to a solicitor, but my opinion there are two seperate issues here.

1. The apartment you own with your father. I'd say your wife will not co own whatever your share is in that property. Do you have a ratio in place whereby he owns 10% and you 90%? Has your Dad actually paid towards this apartment or want any equity in it? If he really owns a share, would it not be cleaner to just sell up?

2. Your Wife to be's property will be jointly owned by you both.

Thanks for feedback,

Graham

As you're not going to be using the apartment as the family home I can't see how your future wife will acquire any rights over the co-owned apartment.

If you decide to part company in x years time (hopefully not) I would expect your share in the apartment to be taken into consideration with all other assets.

Marcusm

SarahMollie wrote: »

Obviously go to a solicitor, but my opinion there are two seperate issues here.


2. Your Wife to be's property will be jointly owned by you both.

I'm sorry to be blunt but this is simply incorrect; marriage does not lead to a pooling or joint ownership of assets. As you live in your wife's house as the family home, she cannot sell it without your consent (this is a feature of the Family Home Protection Act). Absent your wife transferring an interest in the property to you or a property adjustment order following divorce/separation, you do not own any part of the house.

TheDriver

Does your wife to be jointly own your half after marriage?

arrianalexander

Marcusm wrote: »

[/B]

I'm sorry to be blunt but this is simply incorrect; marriage does not lead to a pooling or joint ownership of assets. As you live in your wife's house as the family home, she cannot sell it without your consent (this is a feature of the Family Home Protection Act). Absent your wife transferring an interest in the property to you or a property adjustment order following divorce/separation, you do not own any part of the house.

Well for the moment the bank own the property

But I understand and agree with your point. But I guess in case any marriage where it ends in divorce , it might come Into play.

Something I'm not too worried about

The post wasn't done in a I'm worried about what we happen if we break up , it was done merely as a fact finding how does it work scenario

esforum

Marcusm wrote: »

[/B]

I'm sorry to be blunt but this is simply incorrect; marriage does not lead to a pooling or joint ownership of assets.

Allow me to be blunt, yes it does. There is no yours and no mine when you marry. Even if you signed a pre-nup (not officially recognised in Ireland anyway) the assets are still 50 / 50.

the only way you would keep your house was if other assets / cash was given during the divorce in leu, etc. In the OP's case his apartment would more than likely be considered a lesser asset than the house he currently lives in so he will keep his, wife keeps hers and the rest gets split.

Common law, etc is where it becomes less clear

December2012

If you and your dad own jointly, you each own 100%, so if you die, even after marriage, your wife gets nothing as it is owned already entirely by your dad. Likewise if he dies.

Your wife owns her property independently. If she dies, the succession act applies.

Safest thing to do, if you both want, is to take up your respective title deeds and transfer it into your joint names if that's what you want, subject to your mortgage banks consent (and your dad agreeing of course!)

Millem

December2012 wrote: »

If you and your dad own jointly, you each own 100%, so if you die, even after marriage, your wife gets nothing as it is owned already entirely by your dad. Likewise if he dies.

December are you sure? I thought the above example is in a case of unmarried couples. OP's share goes to his dad if unmarried otherwise it would go to wife.

December2012

Millem wrote: »

December are you sure? I thought the above example is in a case of unmarried couples. OP's share goes to his dad if unmarried otherwise it would go to wife.

If they own jointly they already own the entire of the asset, like a joint bank account. Op should get proper legal advice

Millem

December2012 wrote: »

If they own jointly they already own the entire of the asset, like a joint bank account. Op should get proper legal advice

I agree get legal advice. When we were organising wills recently they said if unmarried then asset would go to the other person on mortgage protection policy in OP case father but if we were married it would go to husband/wife.
They said like another poster stated that once married other person will inherit and really we just needed to make arrangements for care of our child/children. The bottom line was get married as we would be crippled with inheritance tax as cohabiting couples are treated as strangers

4ensic15

esforum wrote: »

Allow me to be blunt, yes it does. There is no yours and no mine when you marry. Even if you signed a pre-nup (not officially recognised in Ireland anyway) the assets are still 50 / 50.


Common law, etc is where it becomes less clear

That is untrue. Assets remain owned by the party who originally owned them before marriage. In a divorce or separation there may be a transfer of assets agreed or ordered. That is at the discretion of the parties or the court as the case may be. In a case of a short lived marriage with no dependents it is often the case that no transfer takes place at all.