Partner is an alcoholic gambler

QI would like to buy a small unit or house. I had a workplace accident five years ago and am waiting to receive an impairment compensation payout because, unfortunately, I cannot work again. Payments are ceasing and I will have to apply for the pension as I am 66. I have $200,000 in super, substantial savings and no debt.

After a marriage breakdown 29 years ago, I lost custody of my two children, then nine and 12, who relocated to Queensland with their father. I spent a great deal of money in the Family Court fighting for sole custody over many years and paid child support until they were 18.

I’ve since remarried, and we are renting as my husband cannot handle money and has no savings. My husband pays our rent; I pay all utility bills and contents/life insurance, buy food and maintain my own car. He is an alcoholic and a heavy smoker with a severe gambling addiction. Am I able to purchase something, paying cash, in my name only?

Oh dear, Jenna. This sounds really awful. Heavy smoking is far from ideal, but an alcoholic, addicted gambler sounds like hard going to me. You are smart to hold your savings in your own name; we both know where they would go otherwise.

Yes, you can indeed use your substantial savings to purchase a home in your name.

I would leave your super right where it is, provided of course it is in a large, well-managed, low-cost fund. The money is safe there and less accessible than the savings you have in your name.

I can’t make any comment on your relationship and its longevity, but you should note if it were to fail that any of your assets would become part of a separation settlement. The timing of the compensation payout may also affect your plans to buy a home.

Naturally, I would support your decision to get an age pension. This would take pressure off your assets and assist you to keep them intact. One thing is for sure: I really would like you to own a home. As we age, the security in living in a home we own is very high.