Legal ownership of a BTL asset post divorce

treatment

Hi all

I am wondering if anybody has any experience of the legalities around the following circumstances.

My wife and I have been married 28 years and following her having an affair for the past year, I am divorcing her in the new year, she is blissfully unaware. It stopped 6 months back when I found out, we have worked through it but I've got stronger and no longer want to be part of her.

We have no mortgage, substantial joint assets and I personally have £100k that I have built over the years that I wish to invest in a BTL. It is considered mine by both of us as it is funds I have built over the years by my own honest toil in a venture she has absolutely no interest in. I appreciate some people may find this strange but this venture never ever impinged on our relationship nor gave her reason to stray (her words). I simply dealt with it whilst she was away working.

So if I purchase a BTL in just my name, is she entitled to half?
If I put the property into a new lyformed company name, with me as a sole director, can she claim half?

If yes to both the above then I'll just need to lose the money.

Thank you .

RAS

Go read JackRS' thread in the families and relationships forum.

Mojisola

treatment wrote: »

We have no mortgage, substantial joint assets and I personally have £100k that I have built over the years that I wish to invest in a BTL.

It is considered mine by both of us as it is funds I have built over the years by my own honest toil in a venture she has absolutely no interest in. I appreciate some people may find this strange but this venture never ever impinged on our relationship nor gave her reason to stray (her words). I simply dealt with it whilst she was away working.

You two might consider it yours but that's not how it will be looked at when you divorce.

Assuming there aren't children to consider, start from the basis that all marital assets will be divided 50/50 - home, savings, pensions, etc.

You may find she willingly lets you keep "your" money but it's unlikely. She thinks the two of you have "worked it through" while you've been planning to divorce her. If she doesn't decide that she wants an equable split, her friends will soon start telling her what she's entitled to.

treatment

Mojisola wrote: »

You two might consider it yours but that's not how it will be looked at when you divorce.

Assuming there aren't children to consider, start from the basis that all marital assets will be divided 50/50 - home, savings, pensions, etc.

You may find she willingly lets you keep "your" money but it's unlikely. She thinks the two of you have "worked it through" while you've been planning to divorce her. If she doesn't decide that she wants an equable split, her friends will soon start telling her what she's entitled to.

Thanks Mojisola, I feared that. Best I start losing it then. That or get my nephew to hold the assets for me. Him I can trust. There are no kids.

I'm bitter, we had some great plans and feel I've lost out to them and also now to funds I've singularly, independently gained.

Thanks again

Mojisola

treatment wrote: »

Best I start losing it then. That or get my nephew to hold the assets for me. Him I can trust.

Unless she gets a really rubbish divorce lawyer, that won't work.

bouicca21

Beware trying to lose the money. Judges aren't stupid and they will probably act as though the money is still in the pot.

After such a long marriage you are really looking at least at a 50/50 split unless you have dependent children. Another factor will be discrepancy in earnings and pensions.

Your best bet is to negotiate the finances amicably. Ending up in court could cost tens of thousands. Money better in your pockets than a lawyer's.

Guest101

The above have been fairly accurate, you're going to struggle. The best bet would be to presume its being 50% and if its more than all the better.

Have you got any written evidence that she accepts it as your money, this may help. But is no guarantee

treatment

bouicca21 wrote: »

Beware trying to lose the money. Judges aren't stupid and they will probably act as though the money is still in the pot.

After such a long marriage you are really looking at least at a 50/50 split unless you have dependent children. Another factor will be discrepancy in earnings and pensions.

Your best bet is to negotiate the finances amicably. Ending up in court could cost tens of thousands. Money better in your pockets than a lawyer's.

Thanks bouicca21. I appreciate what you say about judges.

I think we will be amicable in finance discussions, I'd rather let her have it than give it to lawyers. The advantage I have is that because she has taken little or no interest in my pastime, she has no idea how much I have gained.

Thanks again.

Thrugelmir

treatment wrote: »

I think we will be amicable in finance discussions, I'd rather let her have it than give it to lawyers. The advantage I have is that because she has taken little or no interest in my pastime, she has no idea how much I have gained.

Is the taxman aware?

treatment

Thrugelmir wrote: »

Is the taxman aware?

Not yet. Do you want my details to tell him?

antrobus

treatment wrote: »

Not yet. Do you want my details to tell him?

Your wife knows your details. And you're divorcing her. Perhaps she might at some point feel inclined to tell HMRC, if you get my drift.