You are here

Question regarding spliting costs and assets

Ellismakey12's picture

Recently married. I have one adult son moved out on his own and my DH has two kids one 12 and one 18. DH makes about 20 thousand more than me and has more material possessions(owns the house, three classic cars, boat, house full of expensive antique furniture). I have less material possessions BUT about 300,000 in CDs and mutual funds. DH has about 5o thousand is divorce debt and I have none and he is paying child support and I'm not. So basically financially we are about the same with me being maybe a little better off.

We ARE NOT combining back accounts. The house is his BUT if something happens to him I get it. The house regardless will not be handed down to his kids.  I have a will and my bio son will get 70 percent of my money(CDs and mutual funds) and DH will get 30 percent and my car. DH kids will get his classic car collection, boat , a few pieces of furniture and other personal things from DH family passed down.

Right now I split the mortgage,taxes and all bills with DH. I buy my own food and he buys food for himself and step kids. If we buy food we both will eat equally we split the cost. Older Step kid does has moved out  and younger one is here 50 percent of the time. I don't buy clothes for SS unless its xmas/birthday.

Is there anything else I should look into doing as far as assets? Older Step in a selfish greedy thing so if there is a loop hole somewhere she and BM will find it. Also based on the information provided above is this a fair agreement as far as spliting costs?

Winterglow's picture

Make sure your name is on the deed if you're paying the mortgage, regardless of what is in the will. Wills have been known to magically disappear (happened to a poster on her - her father's will vanished).

GoingWicked's picture

I wouldn’t pay half the bills with a skid living there.  I’d pay half the mortgage if my name is actually on the house.  I also wouldn’t rely on the marriage lasting, since statistically you’re more likely to get divorced.  I’d make a backup plan.



mro's picture

Personally, I wouldn't pay half the mortgage and taxes unless I had half ownership in the house.  I'd ask him to help calculate the equity in the house, pay him half of that from my savings, and get on the deed with right of survivorship, and continue to pay half the mortgage, taxes, and insurance. I wouldn't assume I was inheriting the house.  If he doesn't have a will, intestate laws will send a large chunk of his assets to his kids.  If he does have a will, they can disappear or get rewritten.  And it's not so much a trust issue with your DH, but with his first family, especially as he gets older or if he becomes incapacitated in any way.  Better to protect yourself legally.  Just my opinion.  I like things in writing.  

Otherwise I would agree on a reasonable share of monthly expenses, which would not be half.  If I were the homeowner and had 2 kids living there and my spouse had none, I would not ask for half of the expenses, including utilities.

STaround's picture

That he is giving you the house, knowing that you are taking care of your kid.  Are you certain he has not mortgaged the house and there is no equity?  If paying half the mortgage is better than renting, I would do it. 

mro's picture

I wouldn't split it that way either, but their choice.

Since OP asked about splitting assets, I'm wondering what his other financial assets are, if any.  If he really has nothing but a house with an unknown amount of equity, $5000 debt, classic cars, and a boat, I'd be REAL concerned.  I would get my ducks in a row.  Don't get me wrong, my DH has a classic car and a money pit, I mean, boat, but he also has savings and a guaranteed pension.  Hard to advise without knowing the whole situation.

Ellismakey12's picture

except for bdays and Christmas he has not asked or received anything from me since turning 18. I saw the legal paperwork for the house. He has about 120,000 equity into it.

ndc's picture

Don't count on the house until you are on title with right of survivorship.  And don't pay half of the mortgage (unless it's equivalent to or less than the rent you would pay on a place you'd choose without DH) unless you're on title.  A will can be changed in minutes.  Since you're married you'd likely need to sign something if he wanted to put another mortgage on, so you'd at least know about that.