Family Loan

You mentioned that your father in law wishes to put a mortgage on the property now.

Under the 1976, Family Home Protection act, neither your husband or your father in law is able to put a mortgage on the home without your knowledge and consent.

If you feel strongly about security issues you have an option to stop the mortgage being placed on the home.

Without the mortgage in place your husband is the owner of the property
for which he has an unsecured loan from your father in law.

In the event of a separation or divorce, I cant imagine your husband would be able to remove you from the house at least until your kids were grown up and even then I think he would have to compensate you for the years that you were a stay at home mother..

In the event that your husband died, then I think your father in law would have great difficulty in removing you from the house also. When speaking with your husband about your concerns, you might agree to take out a life assurance policy on your husbands life which would enable you to pay off your husbands "loan" in that type of situation.

I think your concerns are valid but im not assure that I could advise you to declare all out war because of them.
 
Great replies and thanks to everyone for your imput. I am in discussions with my husband at the minute which is a huge relief. What scared me most about the whole thing was the secrecy. Obviously my father in law wants to protect a huge investment but up front and honest about your intentions is the only way to go with these things I really think.
 
pumpkin said:
. But please I came into the marriage with a good salary and fairly good career prospects. My husband and I decided it wud be best for all of us if I stayed at home with our children. Now after 7 years of marriage it is a difficult situation to face heading into finding a way to get security, which is all I'm after, not just for me, but for my children.
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What was the agreement in relation to security when you gave up your job?

Your husband has provided a home and it must be a fine one if it costs 750K. The fact he didn't have to borrow this money means there is more of his salary to spend on the family. There are some of the thinks that must be considered when one is making large financial transactions. And there is nothing wrong with your father in law protecting the 750K.

The original idea may have been for the father in law to 'gift' this money to his son, but after taking legal advice it was decided that financially it might be wiser to 'loan' it. In addition legal advice to protect this money and keep it within your husband's family was to not include you in this.

What is it you would like now?

There are a lot of other ramifications to you having given up your job. For examply you have no income of your own, you have to rely on someone else for income. You are presumable not contributing to a pension, though the Irish state will allow some time at home with children to count towards your contributions. These are very important things you ought to think about. Even if your husband had bought the house outright, it would not mean that you had necessarily any more security than you do now. A mortgaged home has not much value, and a home to which one does not contribute financially is unlikely to be given to you in the event of a marriage split. You might get to stay in it until your children are 18 if you get custody.

It is very good that you are talking to your husband. Don't make your negativity to your inlaws put a wedge between you. I agree that between a married couple everything should be open and honest.
 
You keep on saying "my children" are they not "our children"? Is your husband the father of the children?
 
To a large extent a lot of the supplementary discussion is irrelevant and immaterial. Both Dr Wizard and Importer have given a satisfactory response to OP's concerns in respect of the PDH. If she has further concerns, she should seek the advice of a solicitor.
 
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