Protecting Pre-Martial Assets

lessonlearned

A solicitor came to see me last week re wills, powers of attorney, TIC,trusts. Stayed for an hour or so, full report - no charge.

DylanO

If your priority is your son then you shouldn't marry. If your priority is your girlfriend then you should.

If you don't marry and wish to provide your son with an income then the best way to provide that would probably be a business, with yourself and your son as owners - that way he can be paid dividends when the need arrises.

If you do marry then a trust is your best bet, but it's not fool-proof. There was a case, if I recall correctly, when a disabled man lost part of his trust to his wife, in spite of the fact that the money from the trust was compensation for the accident that left him disabled.

As for your girlfriend, I would be wondering why she was pushing for marriage - she's poor to put it bluntly, and you're not. She has a hell of a lot to gain and you (not to mention your son) will have even more to lose. What she may say now may not hold true in twenty years. If you divorce, will she quietly accept a lifestyle more befitting her income and give up the one provided by you? I doubt it.

There maybe a compromise in not marrying but buying a property together. That way if you do split up then she won't be destitute and your son's future is protected.

Js_Other_Half

http://www.cerebra.org.uk/English/gethelp/willsandtrusts/Pages/default.aspx

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Wills and Trusts
We all know how easy it is to put off making a will, especially given how expensive it can be, but when you have child with a disability it becomes that little bit more important to think about the future. So we started our popular Wills and Trusts Voucher scheme to help parents prepare for their child's long-term future. A voucher is worth £350 towards the cost of having a solicitor prepare a will and discretionary trust to make provision for your child’s future."

thegirlintheattic

Trust is probably the way to go.

Pre-nups are shaky but would be considered in a divorce at the judges discretion (i.e. they may still award some of the assets to ex but should take into account the pre-nup).

Get a good solicitor onto this to make sure your son is protected.