Title Deed Transfer during sepration

buggu

I have just recently been separated from my wife, was wondering if i can transfer a house i own outright without any problems arising in the future?

The problem i have is the house was brought on cash with money from myself ,my brother and sister. It was intended for my sister and her new partner but due to problems the house has stayed rented out.

What i do not want to happen is my wife getting 1/2 share of house when my sister and brother have rights in it. My share is really only 45%. My sister wants the house anyway as she has decided to stay in the area, i only had it on my name in case she and her husband did not want it as it was on the same street and i did not want to lose it.


Any help will be really appreciated as its stressing me out.

Fire_Fox

What do you mean 'really only', are you saying only your name is on the deeds? Did you have a Deed of Trust drawn up at the time to recognise your siblings' shares? What legal advice were you all given at the time as regards safeguarding each parties contribution?

You must declare ALL your assets as part of the divorce, you are not permitted to dispose of them or transfer them into other people's names to prevent your wife getting what she is legally entitled to. The courts will take a very dim view of you trying that.

buggu

What i mean about " really only" is that i only contributed 45% of the price of the house, yet the deed is only on my name. we did not draw up any deed of trust or took any legal advice. The only evidence i have is the money transfered from there bank to mine during the house purchase. I simply could never have afforded the house alone.

I not trying to dispose of my assets, just want to give the house to the rightful owner and declare to the courts that 45% of the house value to the courts, which will be payed back by my sister.

xylophone

The house should have been bought and registered as a tenancy in common.

You do have evidence from your bank statement that your sister and partner transferred money from their account to yours and that you bought the property, paying the balance yourself.

However, without any formal documentary evidence, how would you or your sister prove that she had not made you a loan or a gift?

I am assuming that you own and live in another property ( or were doing so before you separated from your wife).

This means that there would be CGT considerations involved here?

Your best bet might be to take legal advice straightaway.

Fire_Fox

buggu wrote: »

What i mean about " really only" is that i only contributed 45% of the price of the house, yet the deed is only on my name. we did not draw up any deed of trust or took any legal advice. The only evidence i have is the money transfered from there bank to mine during the house purchase. I simply could never have afforded the house alone.

I not trying to dispose of my assets, just want to give the house to the rightful owner and declare to the courts that 45% of the house value to the courts, which will be payed back by my sister.

As it stands you ARE trying to dispose of your assets because the deeds are in your name. And as it stands your siblings are NOT the rightful owners in the eyes of the law, only in your eyes, so your wife could argue your siblings gifted you the funds. The house should never have been purchased in this way, if you had taken legal advice at the time and you would have been advised to purchase as tenants in common or with a Deed of Trust.

IMO take legal advice urgently, nobody here is qualified to tell you how to proceed. If you try to claim a backdated change of ownership this may impact on the tax liability of your siblings and on any means tested benefits your siblings have claimed, so think carefully and ask plenty of questions.