Hi All
Hoping someone out there can give some idea of what will happen here. My partners parents are in the process of legally separating after 30 years of marriage, they currently jointly own 3 irish properties and 1 overseas property.
The mortgages on them are as follows;
Property 1(Family Home) - €40,000
Property 2(Rental Property) - €130,000 (remortgaged for overseas property)
Property 3(Rental Property) - €250,000
Property 4(Overseas Property)
My MIL isnt the easiest woman to deal with and is making this situation very hard, she has now decided that she will take the family home and the overseas property and leave my FIL with the other 2 rental properties, he will have to live in property 3 so there will be no rental income from here. She also thinks that she won't have to pay anything towards the mortgages, this is what i want to find out. Because all properties are in joint names isn't she liable for the monies owing even if they split? She is in a very well paid secure job and my FIL is unemployed so the only income he has is from the rent in property 2 after the mortgage is covered.
I would really appreciate some advice on the situation.
Thanks
Hoping someone out there can give some idea of what will happen here. My partners parents are in the process of legally separating after 30 years of marriage, they currently jointly own 3 irish properties and 1 overseas property.
The mortgages on them are as follows;
Property 1(Family Home) - €40,000
Property 2(Rental Property) - €130,000 (remortgaged for overseas property)
Property 3(Rental Property) - €250,000
Property 4(Overseas Property)
My MIL isnt the easiest woman to deal with and is making this situation very hard, she has now decided that she will take the family home and the overseas property and leave my FIL with the other 2 rental properties, he will have to live in property 3 so there will be no rental income from here. She also thinks that she won't have to pay anything towards the mortgages, this is what i want to find out. Because all properties are in joint names isn't she liable for the monies owing even if they split? She is in a very well paid secure job and my FIL is unemployed so the only income he has is from the rent in property 2 after the mortgage is covered.
I would really appreciate some advice on the situation.
Thanks