Aussie Legal Forums › Forums › Wills & Estate Planning Forum › How do we deal with a joint family home during a 2nd marriage? › Reply To: How do we deal with a joint family home during a 2nd marriage?
MV
Hi Sofeeya,
Well no, it does not work as well as a binding will contract.
If you each had 50% and one party died, then that 50% would be transferred to the children of the deceased party. These children may not want to wait years until the survivor wanted to move out. This is pretty reasonable given the current economic climate. The children could then force the sale of the house unless some new terms could be agreed. There is no guarantee that an arrangement can be agreed upon.
The binding will contract offers certainty in the outcome.
Kind regards,
AussieLegal Moderator