Hi all,
I'm in my very 50's, married but separated (not legally) for approx 4.5 years.
My Ex is living in the Family home with one dependent (15yo).
I am currently living with a relative, but I need to find a home for myself.
Assets
I am considering the following..
Offering her the option to buy me out of the mortgage for the outstanding amount (€240K) and then sign the house + all my equity over to her.
Obviously assuming she can earn more and secure a 90% mortgage (€216K).
In parallel I use both savings (€30K) and lump sum tax free amount from my pension (c. €70K) to pull together a decent deposit to allow me to buy another (modest) property for myself in the region of €200K - €250K, LTV would be good, repayments relatively low.
I know this is very loosely framed above but I just wanted to get some input on this as an approach that would feed into an amicable Separation/Divorce agreement.
Key questions I have are - can I sign House plus equity over to my Ex (should she be able to secure a mortgage) without Tax repercussions?
Is it ok to dip into a Pension pot in order to support the purchase of my own home in these circumstances?
I'm in my very 50's, married but separated (not legally) for approx 4.5 years.
My Ex is living in the Family home with one dependent (15yo).
I am currently living with a relative, but I need to find a home for myself.
Assets
- Family Home Value approx €400K. Jointly Owned/Mortgaged by Myself/Ex.
- Outstanding Mortgage €240K, approx 17 years remaining
- I have a Pension pot of Approx €300K
- I have savings of €30K
- My Earnings are €120K pa gross.
- I pay the full mortgage €1600pm
- I pay child maintenance (not court ordered) of €675 (district court maximum plus a bit) per month and also half of extra curricular/school costs.
- I pay health insurance to cover all parties, also Local Property Tax, also Home and Life Insurances.
- I don't know what my Ex's income is currently last I know she was working part-time earning €25K, if she worked full time then double that I guess, she has earned at this level this in the past.
- She pays for Utility Bills. Electricity/Heating Oil.
I am considering the following..
Offering her the option to buy me out of the mortgage for the outstanding amount (€240K) and then sign the house + all my equity over to her.
Obviously assuming she can earn more and secure a 90% mortgage (€216K).
In parallel I use both savings (€30K) and lump sum tax free amount from my pension (c. €70K) to pull together a decent deposit to allow me to buy another (modest) property for myself in the region of €200K - €250K, LTV would be good, repayments relatively low.
I know this is very loosely framed above but I just wanted to get some input on this as an approach that would feed into an amicable Separation/Divorce agreement.
Key questions I have are - can I sign House plus equity over to my Ex (should she be able to secure a mortgage) without Tax repercussions?
Is it ok to dip into a Pension pot in order to support the purchase of my own home in these circumstances?