I am approaching a financial order. When I was purchasing my house (in my sole name, my deeds, my mortgage) my now ex wifes parents gave me a deposit. The Bank/Conveyancer reuested that they sign it as a "true gift" in my name only, FAO of the mortgage lender with no interest in the property.
Will this count as shared equity or will it stand as a true gift to me, in my name only? Surely this contract must be worth something?
My ex wife is not on the mortgage and in no way contributed financially towards the family or home...
The benefit to you of having this "true gift" paperwork is that it clearly shows that the money was given to you and does not have to be returned to your ex's parents. It is quite common in divorce where the is no such paperwork that claims are made by one party that the money was a loan and needs to go back to the parents.
What it doesn't protect you from is the law on financial settlements on divorce which covers how assets owned by either wife or husband are to be fairly divided.
In conclusion this gift will most likely be regarded as part of the marital pot for division between you in a fair way.
You don't mention the length of the marriage or if there are children which may be a factor.
Sorry, I am new to the forum. We were married for 8 years and have 2 children, 7 and 8.
She did not contribute at all, I have her statements proving this and now she is after the home that I bought for my family.
We have the children 50/50 seven days alternating weeks.
We recently exchanged financial details and she now lives with another man and does not contribute there either. She has had the same full time job and appears to have a good disposable income. I live to my means, I am hoping that the judge will recognize all of this!