Partner and I splitting have shared house.

Sorry for all this on my first post. Was advised to come here...
I have two questions.

I own my own home outright on the Gold Coast QLD.
Met a great women 48yrs old 2 years ago. I'm 52.
Decided to buy an investment property close by ($400k), in joint names (for our future etc).

She had no deposit/collateral/security/ Had no savings but had Car/CC debt of $25k. Always lived at home with her parents, never paid any rent (spent her money on hotels/traveling/new cars, jewelry, etc) - (I know, I know...)

We got a St George Portfolio loan - based on our joint incomes (her $67k me $44k), and my place as security (St George now hold the title deed to my home worth approx $450).
The port loan was for $500k.

Port loan was for house $375k+ (costs/ stamp duty etc taking it close to $400k), and segmented $25k (for her debts). With the remainder for 'whatever'.
We consolidated her car loan $22k @ 12% and $3k CC @ 20% to the port loan @ 4.9%

House was purchased in May 14. She moved in with me full time (my house), in Sept 14. She has paid equal amounts to the investment home $150pw, and paid half rates/water/insurance.

She never paid rent whilst living with me in the house (which is held as security for the port loan). We paid half the costs, food etc.

We have unfortunately decided to split. And tonight she has added up all her payments to the investment house, and wants it all back, $7300.
She also wants her name removed from the Port loan - effectively making me to reapply again or we sell the house - I don't know what the options are... I'm here asking.

As it was all my 'risk' and her bringing nothing to the table when buying the investment property, what is my standing with not paying her as much as she wants as she didn't pay any rent and is even saving $50pw on interest payments that included her car and CC?
She said that she's quite happy to get another loan at 12% for the remaining $17k!

1) Basically, I'm asking if my risk is/was worth anything to what I have to pay her?

2) Does a name change (assuming St George allows me to have a port loan of the investment value - now $378k outstanding with my sole wage income I fear losing the investment home and having to sell it at probably zero $ gain), involve another hit of stamp duty etc and what other costs will I get hit with?

I apologise for a 'rude' first post question. I'm a member of WP of many years and a high post count - I also am a member of other forums with good counts. But they don't allow questions (financial), like this.
Thanks.
 
Sounds like you can get out of it relatively cheap. Stamp duty wiill apply unless you meet the requirements for relationship breakdown and can prove it.

Speak to a lawyer to finalise things.
 
Has she claimed tax deduction on the loss on the IP? If so I fail to see how she can ask for all her money back as she has derived a benefit from it already.

Whats the IP worth now? If its had good CG then paying her $7300 to keep all the CG may well be worth it. If its had little, then you may want to look at selling and dividing any profit based on ownership % (was it JT or TIC?)
 
Of course get legal advice.

If it was me I would be giving her the $7300 asap along with getting the paperwork signed saying that is the total of her entitlements.

Seen it many times, someone gets in her ear " your entitled to half the OO house as well" you were living there and paying half the only mortgage you had jointly.

Then the nasty letter appears in the letterbox.
 
Dave,
I'm sorry, I don't know what JT or TIC means.

The title of the house and loan is in joint names [JT = Joint Title ?]

The CG [Capital Gains?] wont be a lot, maybe $5k-$10k as we only bought it 10months
ago.

As for others saying get legal advice, what sort of lawyer would be best, what field of legal expertise will know all the latest nitty gritty?

Thanks.
 
Go see a Family law lawyer ASAP.

If you can get a Binding Financial Agreement written up and only have to pay her $7300 you've basically won the lotto.

I think the costs for a BFA are around $1000-2000. Will let the lawyers comment more.
 
Go see a Family law lawyer ASAP.

If you can get a Binding Financial Agreement written up and only have to pay her $7300 you've basically won the lotto.

I think the costs for a BFA are around $1000-2000. Will let the lawyers comment more.

Consent orders are probably fine (and cheaper) - not sure why you'd recommend the BFA?
 
$7300 to solve an issue which could spiral out of control and become one of the messiest times of your life on all levels (financially, emotionally, mentally, physically).

She's obviously not that nasty or she'd ask for a share of your assets and ask for spousal allowance, which may end up costing you a lot more than $7300 and linger on for many years.
 
I think sooner the better with this also, the longer it drags out and other people talk to her the messier it may end up. If she also seeks legal advice they might find she's entitles to more than the $7300.

So best to act quickly!
 
48,and still living at home.You got to be kidding me.Send her back to Mummy.

Nothing after this sentence registered in my mind as i was trying to work it out How that is even possible

Edit: typical female mentality of society today
what i put in is mine
what you put is mine or half entitlement
what personal debts you have paid for me are joint or written off
what opportunites you gave me are not even make an iota of consideration
 
She's obviously not that nasty or she'd ask for a share of your assets and ask for spousal allowance, which may end up costing you a lot more than $7300 and linger on for many years.

that ll probalby come after he has paid her to flick off.

Sincr she has "sacrificed' a massive two years of her life /sarcasm
 
Geez... so many snarky attacks on "women" all the time on this forum. So... just to balance the bitterness up for the other side...

I'm helping a mid 50s friend whose $1M house was sold to pay off her husband's failed business. She also lost an inheritence she had put into his business to prop it up. She got nothing except the cost of bringing up two kids whilst he "had nothing" so gave nothing. With the kids now through school, she is trying to save up enough deposit to buy a property. Clearly she screwed him over well and good... NOT!!!

Having lost everything they had, she had to rent on a part time wage. He somehow, being bankrupted and all, managed to pay over $700 per week rent in a high-rise apartment and the kids said he had rolls of cash. He had some fancy "big boy toys" too.

I'd guess he had money stashed away all that time, his "running away" money if you will... oh... that's right... only women are that sneaky :rolleyes:

So... yeah! It clearly is the women who are the ones out to screw the men over every time :rolleyes:
 
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