Girlfriend moving into PPOR

$5k upwards

 

$5k plus

$7.5k is average

 

Not including the legal fees required by the other party right?

 

Just saw this article and thought of this thread:
High Court set to examine last-minute prenups in a landmark case.

 

Probably one of those 'sign here' before the wedding on saturday type prenups.

 

Wow, why are they so expensive?

 

From that pic in the article I was thinking "Woah that 67yr old looks at least half his age, I want what he's on"......until I realised it's some random pic from " iStock" that has nothing to do with that article lol. Why do they put a pic that has nothing to do with the article?

 

Because its more than double the work of a 'normal' property settlement. Someone has to table your financial position - do the same for the other partner - get details and instructions on other factors relevant to a financial split - advise you of your usual liability under family law principles - then advise on possible hypothetical scenarios in the foreseeable future - then draft the actual BFA to give effect on what is sought - which a good one should include the factors and tabling of relevant interests - and then give it to the other party for them to do the same, minus the drafting, but including checking the drafting.

And that's the short version.

 

Non-estate assets will also need to be taken into account - interests in discretionary trusts, superfunds, companies etc.

 

Why don't you shack up with. the guys at work since they seem to have your best interests at heart? Just do the right thing and let your gf know where you stand.

 

Would OP be best to just stay in debt and not pay off home. When he has a bit of equity, use it to fund IP.s do this as long as he can. If they break up there won't be enough to make it worth her legal fees.
I think the idea of also being with the 2 friends is probably not a good one. With our legal system, OP will lose a share to each so be even worse off. End up with 1/4 not a 1/2.
I have 1 son similar to OP but he has balance of home loan in offset so basically owns home, I told him to think about doing this. He is 26 and they have 2 kids, and would hate him to lose what he has worked for.
I thought super was different, you can name someone specific to get this if you die. My sons all have me named as beneficiary so if worse comes I can make sure their kids get something if wives/partners moved new boyfriend in and lost the home.
P.s. Pillow talk from now on only contains woe about debt, never ever tell anyone what gains you have made.

 

Do what? Get rid of his money? I don't get your plan here.

 

THEY have 2 kids now, so pretty much becomes what THEY have worked for.

 

I hope we never have to worry about it but My thinking is that if he buys IP.s (which he intended to do anyway) with the money he has saved in offset as deposits, original house is in debt again so not a hell a lot of value and so on with IP.s . I am in no way saying she doesn't deserve to get something. Obviously he would pay out money in a separation but ultimately want to be able to keep the house as she could not take on that kind of debt. The kids would be well provided for. If this house is worth 400 but now in debt for 300, ok he may have to pay out ?? 50k but would be able to retain the house and then when all is done and dusted could work on paying it off again. If it is sold , he loses the LMI he paid, FHO grant .buying costs etc.
He has said that should he die, he wants her to have house but wants super and life to me to make sure kids get something should she make some bad choices.

 

He could gift that money to you and your could lend it back iinterest free and take a second mortgage - but many things to consider.

 

This will only work because he is spending money with the closing costs. But properties tend to grow in value so he is compounding the problem!

Her not having the ability to qualify for a loan won't mean that he gets the property either. It may need to be sold with the proceeds divied up.

And you will not qualify to receive his life insurance and super death benefits as you are not a dependant under the sis act definitions. It would have to go via the estate. It could then be challenged under family provision legislation.

 

Thanks Terry, I only meant he was similar in that, he owned his house before she moved in , same as OP. Although they had a rough patch over a year ago which bought up the scenario of what he could do. We did discuss whether I could buy the house off him and he buy it back later, however think that anything done at that time would be able to be turned around. Hence the idea of being in debt. However good to know that if it came up there may be a way to save house. I firmly believe that the law should just be what you had before marriage stays yours male or female. My other 3 and wives/partners started with nothing each so completely different.

 

But super would come to me? Life parts aren't to big of a concern, if it comes up again he best get his little butt to a lawyer. Thanks

 

I am not saying it would save the house - especially if it was done shortly before a separation. The sooner something is done the stronger it will be - generally.

 

Would be hoping to come to some agreement rather than court if the situation arises. But yeah, if it went to court probably outcome wouldn't be good. Have to hope for the best for us.
OP ,, get her out now!!