My husband and I have been married for 10 years. We were both working professional jobs when we got married, and I left my demanding job when we had our second kids.
We live in North Carolina where we own a house. He is on the mortgage, and I am on the deed of the house. Now, he wants to take a HELOC to finance a business venture. I am well aware that he needs my consent, and I am all for it since I believe in him. He thinks that because he is the working spouse, and has made all the money over the years, he should own 100% of his share of the business . I disagree. I believe that since he is funding the business out of a communal property, I should have a share of the business as well.
He doesn’t want me on the partnership agreement or to have any stake in the business. Honestly, he made some valid points such as: I will be the first one to enjoy the lifestyle. I will always get 50% of everything he owns, and will also benefit when the business is successful.Don’t worry about frustrating your husband. That goes with the territory with any relationship. Some days, you’re frustrated. Other days, he’s frustrated. And other days you’re both frustrated.
A HELOC will provide this business with a large sum of money at a relatively low interest rate — certainly lower than a personal loan — with a flexible amount of time to repay the loan. But it also comes with substantial risk: Your house is used as collateral, and interest rates are going up. We also face an uncertain year with the double-edged sword of a global pandemic and rising inflation.