Orion's Belt
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Hi there,
My fiance and I intend marrying soon and our first baby is on the way. We both bought properties before we met but we had (and have) diametrically opposed attitudes to money. He's a spender, I'm a saver. I have six figures of equity in my apartment. He has six figures of negative equity in his house. When we marry, does my positive equity cancel out his negative equity in the event of a mortgage write down coming into place? Can I ringfence my equity so that he cannot be means-tested on it? Neither home is suitable to live in as one is a one bed apartment and one is not within commuting distance of work. We're presently renting a two bedroom apartment and hope to get ourselves into a 3 bed semi-D. If the safest route is to postpone the wedding (which we haven't yet announced) on the off chance that he might benefit from any write-down or trust or other option that is currently being discussed in the media, that is a precaution I am willing to take as a soon-to-be mother whose priority right now is to secure a suitable family home. I note from the Revenue site that we can apply to be assessed as individuals. How far does that apply? To our income alone or to our assets also? Obviously I will discuss this with Revenue and with any other parties anyone can suggest.
Thanks all.
My fiance and I intend marrying soon and our first baby is on the way. We both bought properties before we met but we had (and have) diametrically opposed attitudes to money. He's a spender, I'm a saver. I have six figures of equity in my apartment. He has six figures of negative equity in his house. When we marry, does my positive equity cancel out his negative equity in the event of a mortgage write down coming into place? Can I ringfence my equity so that he cannot be means-tested on it? Neither home is suitable to live in as one is a one bed apartment and one is not within commuting distance of work. We're presently renting a two bedroom apartment and hope to get ourselves into a 3 bed semi-D. If the safest route is to postpone the wedding (which we haven't yet announced) on the off chance that he might benefit from any write-down or trust or other option that is currently being discussed in the media, that is a precaution I am willing to take as a soon-to-be mother whose priority right now is to secure a suitable family home. I note from the Revenue site that we can apply to be assessed as individuals. How far does that apply? To our income alone or to our assets also? Obviously I will discuss this with Revenue and with any other parties anyone can suggest.
Thanks all.