Hello everyone,
I am interested in hearing about your experiences and how you reached agreements.
Here is the situation:
1.)
My partner (we are unmarried) has two children and owns a plot of land where we want to build a house.
I have a daughter from a previous relationship.
Since the land belongs to her and has significantly increased in value, the increase would need to be accounted for separately as inheritance for my daughter.
We want to avoid conflicts from the outset and are therefore looking for ideas for an amicable solution.
2.)
How does this work with a mortgage loan for the house?
If we were to separate (which we of course hope will not happen), how can I protect myself in this matter?
I would be very grateful for constructive suggestions!
I am interested in hearing about your experiences and how you reached agreements.
Here is the situation:
1.)
My partner (we are unmarried) has two children and owns a plot of land where we want to build a house.
I have a daughter from a previous relationship.
Since the land belongs to her and has significantly increased in value, the increase would need to be accounted for separately as inheritance for my daughter.
We want to avoid conflicts from the outset and are therefore looking for ideas for an amicable solution.
2.)
How does this work with a mortgage loan for the house?
If we were to separate (which we of course hope will not happen), how can I protect myself in this matter?
I would be very grateful for constructive suggestions!
You are unnecessarily creating overly complex scenarios here.
This raises questions such as when the building took place—before or after the marriage, what was the status of the pre-marital property, at what value was the land contributed, how much is everything worth in total, and so on.
This is not a clean solution.
And he doesn't come out better off anyway, because then he is deceased.
The cleanest solution would simply be for him to buy half of the land. Then, both parties can jointly own the property in the land register. If other arrangements are desired beyond that, a notary can settle them through a will, if possible.
This raises questions such as when the building took place—before or after the marriage, what was the status of the pre-marital property, at what value was the land contributed, how much is everything worth in total, and so on.
This is not a clean solution.
And he doesn't come out better off anyway, because then he is deceased.
The cleanest solution would simply be for him to buy half of the land. Then, both parties can jointly own the property in the land register. If other arrangements are desired beyond that, a notary can settle them through a will, if possible.
face26 schrieb:
Then questions arise, such as when the property was built—before or after the marriage—what the liabilities were, at what value the land was contributed, how much everything is worth, and so on. I assumed they were already married when construction began.
Tracing liabilities historically should not be a problem.
You will also need a land valuation for your idea if the OP is supposed to buy half of the property.
face26 schrieb:
And he doesn’t come out better either, since he would be deceased then. Admittedly, that seems to be the main concern for the OP here. But separation or divorce also plays a role and was part of the original question.
face26 schrieb:
The cleanest solution would simply be for him to buy half of the land. And both of them would be listed as owners on the land registry. If other solutions are desired beyond that, a notary should arrange it by will if possible. Probably, but it costs money. And you can’t avoid the land valuation, either, since the price of the land needs to be determined somehow, and the notary fees are based on that.
But yes, it is definitely cleaner than doing nothing or just getting married. That’s true.
I also consider buying out the shares to be the safest and best solution. It doesn’t have to be 50%; he could buy just 30% of the property. Then he would simply own 30% later on. If the family situation stays the same (she has 2 children, he has 1), that would also fit well.
Even if a part of the property is sold: Especially in the event of death, there also needs to be an arrangement in case of marriage. Otherwise, the children of the first deceased partner are disadvantaged. They only inherit half of the half that belonged to their parent – the other quarter goes to the surviving partner and ultimately to their children, meaning a total of 75% is inherited. If this is not desired, a will is necessary.
I believe you need to clearly define what you want to achieve here. What do you consider to be the fair solution you are aiming for? Then seek advice accordingly. A will is required, as well as an arrangement for the event of separation.
I believe you need to clearly define what you want to achieve here. What do you consider to be the fair solution you are aiming for? Then seek advice accordingly. A will is required, as well as an arrangement for the event of separation.
Vicky Pedia23 Apr 2020 10:27Altai schrieb:
I think you need to be very precise about what you want to achieve here. What do you consider to be a fair solution that you are aiming for? Then get advice accordingly. A will is necessary, as well as arrangements in case of separation. I can only agree here from my own experience! For the notary you trust, it is easy to put your wishes into a contract. And even if things seem perfect right now, the situation can change very quickly.