What's Mine is Mine

Hi Scott,

My partner and I are building a house, my first and his second. He made a $100,000 profit from his first house. The house we are currently building will cost $450,000. We have both saved up enough money for the 20 per cent deposit. However, we both keep separate bank accounts, and have only one shared account for the loan repayments. My partner is inclined to keep the $100,000 profit in his account for himself because he finds it unfair that I can’t match that amount. Should I be worried?

Lynda

Hi Lynda,

Honey, he’s keeping his options open. That’s what’s happening. He hasn’t put a ring on your finger, so right now, financially, you’re like a friend with benefits. If you were my sister, I’d suggest that before you enter into a major financial transaction with this bloke you have ‘the talk’.

Questions to ask him are: what’s your long-term plan? Are we buying the house as tenants in common, or in joint names? Should we have a cohabitation agreement? Are you planning on marrying me and having babies? That sort of stuff.

Scott