Renting with GF my own home

[IndexFund]

Hi all,

I just bought a house and wish to rent it to my GF (a room or two) while also living there for around 120 bucks a week (mates rates).

If "sh|t" hits the fan and 6-12 months later we break up, is she completely entitled to half of my 300 K house even though I am the only one paying the mortgage and my name is the only name thats on the title?

Im going to see a lawyer soon to perhaps write up a tenancy agreement for her.

 

[alexlee]

I just bought a house and wish to rent it to my GF (a room or two) while also living there for around 120 bucks a week (mates rates).

If "sh|t" hits the fan and 6-12 months later we break up, is she completely entitled to half of my 300 K house even though I am the only one paying the mortgage and my name is the only name thats on the title?

Im going to see a lawyer soon to perhaps write up a tenancy agreement for her.

If you're THAT concerned, don't live together. Also, are you planning on declaring the rent you get from your GF?
Alex

 

[WinstonWolfe]

A friend's brother whose PPR is worth around $5mill knows more about this stuff than anyone else I have spoken to. He is mates with QCs etc.

He is in his 40s now and would never have a live in gf. They always had to have another dwelling which was their mailing address and they kept most personal possessions at. He'd never let them stay more than a week, and he had mates come over to stay regularly who could vouch the gf was not a live in.

Eventually, he married a Thai girl cos he was so suspicious of Aussie chicks being gold diggers. The Thai girl lives in Thailand with her parents. He is over there 6 times a year for 3 week stints. And he has had 2 children to her.

ANyway, best to talk to a lawyer who makes a specialty of this stuff. I have had other friends in Qld say that pre-nups mean zilch....do not stand up to scrutiny in court.

But family law changes fast and judges have a lot of discretion, so best to talk to the horse .....

 

[alexlee]

You COULD move to a country like the UK where there are no de facto laws. That might be a little extreme but will give you peace of mind.
Alex

 

[IndexFund]

haha this whole de facto is a bunch of BS.

seems like our legal systems loves to make money from us in courts. f'ers.

anyway i will speak with the lawyer and see how it goes. my GF is the last girl to think about money or doing someone over but when people break up, who knows.

 

[alexlee]

haha this whole de facto is a bunch of BS.

Yeah, but it's the law.

anyway i will speak with the lawyer and see how it goes. my GF is the last girl to think about money or doing someone over but when people break up, who knows.

You don't HAVE to live together, you know. Or just find a girl richer than you are.
Alex

 

[IndexFund]

Yeah, but it's the law.



You don't HAVE to live together, you know. Or just find a girl richer than you are.
Alex

Its funny how if the government made it the LAW to jump off the bridge for us, we would need to do it.

 

[alexlee]

I really suggest you don't start on that blaming thing again, IF. You waste a lot of energy that way. How much energy did you waste railing against the unfairness of the property market? Now that you've knuckled down and bought a place, it's much more productive, no?
Alex

 

[IndexFund]

I really suggest you don't start on that blaming thing again, IF. You waste a lot of energy that way. How much energy did you waste railing against the unfairness of the property market? Now that you've knuckled down and bought a place, it's much more productive, no?
Alex

True! Well ill just wait and see what the legal person tells me.

 

[Strannik]

if you are that serious about her and want you two to live together why would you rent it to your gf, rather than just live together?

 

[IndexFund]

if you are that serious about her and want you two to live together why would you rent it to your gf, rather than just live together?

Money talks, ******** walks.

I cant afford to live comfortably and pay the mortgage alone, I mean I CAN but what for?

We are still young and she is still unsure of what she wants to do with herself (she has dual citizenship).

 

[alexlee]

I find this thread doubly ironic considering what your homepage says, IF.

Maybe I'm just naive, but I've never really considered this issue of de facto partners taking my assets if we break up. Of course, I'm married now so it's kind of a moot point.
Alex

 

[IndexFund]

I find this thread doubly ironic considering what your homepage says, IF.

Maybe I'm just naive, but I've never really considered this issue of de facto partners taking my assets if we break up. Of course, I'm married now so it's kind of a moot point.
Alex

Paul Mc Cartney is kicking himself too now. A guy at work owned his house (paid off the mortgage completely) prior to getting married, how that he divorced, his ex is taking 2/3 of if the house.

You mentioned that your wife does not work at all... well if you ever find yourself in a divorce position then you will lose a big deal... I personally believe that whatever you broougt to the table, you should take back with you.

If all your partner contributed to the relationship was a mere COMPANIONSHIP then thats all she stands to lose/gain...while you keep your house.

 

[buzzlightyear]

Hi all,

I just bought a house and wish to rent it to my GF (a room or two) while also living there for around 120 bucks a week (mates rates).

If "sh|t" hits the fan and 6-12 months later we break up, is she completely entitled to half of my 300 K house even though I am the only one paying the mortgage and my name is the only name thats on the title?

Im going to see a lawyer soon to perhaps write up a tenancy agreement for her.

Why would you need a lawyer to draw up a tenancy agreement? Just use a standard tenancy agreement from the relevant state that you are in. No difference to a self-managed IP.

 

[IndexFund]

Why would you need a lawyer to draw up a tenancy agreement? Just use a standard tenancy agreement from the relevant state that you are in. No difference to a self-managed IP.

Thats a good point, I just want to cover all bases though, quiet often our lovely legal system makes us pay for everything and anything.

 

[alexlee]

Paul Mc Cartney is kicking himself too now. A guy at work owned his house (paid off the mortgage completely) prior to getting married, how that he divorced, his ex is taking 2/3 of if the house.

It's a risk you take when you get married. You could just NOT get married and not live with a girl, of course. You're free to do so. I also know of people who are happily married for decades. I just don't refuse to cross the road just because I might get hit by a truck. You may decide to act differently.

You mentioned that your wife does not work at all... well if you ever find yourself in a divorce position then you will lose a big deal... I personally believe that whatever you broougt to the table, you should take back with you.

What you personally believe doesn't matter if the family court doesn't agree with you. Yes, my wife doesn't work. And if we get divorced I will lose a great deal, but in truth the money will be the least of it. That's the risk I take, and I'm comfortable with that. Because you know what? I think it's worth it.

If all your partner contributed to the relationship was a mere COMPANIONSHIP then thats all she stands to lose/gain...while you keep your house.

I can always make the money back, though, and I'm the one with the greater earning power and investing knowledge. To be honest, making money is easy. I can make money by working for any old company and from any old property. Good companionship, on the other hand, is much harder to find. If you think 'mere' companionship doesn't compare to bringing money or earning power into a relationship, seriously, don't live together. Or find a woman richer than you are. Though remember a rich woman will wonder whether she will lose her assets to YOU.

I really think the girl has more to lose. I can make the money back. She can't get her youth back. It's not like a rich middle-aged guy will lack for 'companionship'.
Alex

 

[alexlee]

Thats a good point, I just want to cover all bases though, quiet often our lovely legal system makes us pay for everything and anything.

Complaining about the unfairness of it all again, IF? You really have to break that habit. It's such a waste of energy. You could just stop dating altogether.
Alex

 

[IndexFund]

That is fine Alex. If you think that money is very easy to come across for you, then it should not be a problem, you may as well sign over half of your stuff right now to your wife, itll save time for the future.

Over 60% of marriages end up in divorces...

 

[IndexFund]

Complaining about the unfairness of it all again, IF? You really have to break that habit. It's such a waste of energy. You could just stop dating altogether.
Alex

Thats like saying: you could end your life all together, just die.

 

[alexlee]

That is fine Alex. If you think that money is very easy to come across for you, then it should not be a problem, you may as well sign over half of your stuff right now to your wife, itll save time for the future.

Over 60% of marriages end up in divorces...

I think money is easier to find than a person who I actually want to spend a lot of time with.

Actually I'm going to put some stuff into a family trust now that she can get a TFN and will be a nice tax shelter for franked dividends. I may move ownerhip of the PPOR to her for asset protection purposes. Signing half my stuff to her wouldn't be very tax effective, I'm afraid, and I know how to manage it a lot better than she can.

I don't aim for the average, IF. If I did I would be putting 9% into my super fund and planning to work until 65.

Is it so hard for you to believe that some people DON'T worry about this to the same extent that you do?
Alex