Posted by: niks | 2010/09/27

What do

we are currenlty in div proceedings with mediator. My husband says that i can take the full profit of sale of house estimated to be 1.5mill to go buy myself and kids new house. Because he says i can have the full profit he does not want me to touch or claim his pension which should be around R500 000. Ive decided to ask him to committ to 1.5mill not necessarily from the sale of the house, i could not care where he gets this amount and then i wont touch his pension. My question becomes: When i purchase a house for this amount or less what would be the best, to put it in my name? or the childrens names? He will pay the levies for the new place for 5 yrs until i find employment etc and can take that over. What is the best legally for me to protect myself? i assume to put the house in my name will also benefit me should i require any future loans from banks? I understand having a paid up home in my name would be to my advantage?

Thanks so much

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Our expert says:
Expert ImageFamily law expert

It is important to know how you are married and what the full picture of your assests and liabilities look like. Make sure that the full profit on the house is indeed R1.5 million. It is better to register the house you intend to purchase in your name or even in a trust of which the children are the beneficiaries. You can always bequeth the house in a Will to your children or even create a mortis causa trust in your will.

Bertus Preller
Family Law Attorney
Abrahams and Gross

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

Our users say:
Posted by: FIO | 2010/09/27

Thankfully you have managed to work through mediation, an example to many!

I agree that you coudl ask him to commit to 1.5m, what you are entitled to is the value of the house, which fluctuates. As for taking full profit, be careful, who would be liable for the Capital Gains Tax on 1.5m profit, you or him? Would you then still come out with 1.5m?

Put the house in your name, its gives you financial strength wshould you ever need a loan or anything like that. Why even think of putting it in the kids name? Put that into your Will, shoudl something happen to you the house goes to them.

Re the kids, heis surely liable for maintenance etc, unless the kids are out the house.

Take the 1.5m, put the hosu ein your name, and ensure the contract he signs makes him liable for the levies for 5 years, otherwise should he default, you would end up being liable. If he defaults, his assets should be seized, not your house, as he is the responsible person for the payments. Cover yourself.

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