Protect my parents' savings

Xanadu412

Hello,

I'm a naturalised British citizen (immigrant) living in the Uk, however my parents are foreign citizens (non EU) still living back in Asia. I'm an only child with no other family here.

About 10 years ago, my parents lent me a considerable amount of money, their life savings, into my education in the UK. Over this decade I have saved up that amount and more and keep it in an ISA, untouched, to give to them should they need it. And to look after them in the UK when that time comes.

I also own a property, that i paid the deposit for out of my separate savings and pay the mortgage alone as well. I am getting married soon, and my fianc! is British too and owns his own home. But will be renting it out and moving into mine (but won't be paying mortgage , just contributing as a tenant and taking on the water bill to main credit worthiness). His parents and sister will be owed a substantial chunk of his property as they funded most of the deposit. We earn about the same, I'm just a bit higher.

While I'm opposed to the idea of a pre nup, I am concerned about how vulnerable I may be were we to divorce as my inheritance/parents savings is already in my account (so considered marital estate?) and my fianc! will be moving into my flat (also marital estate), yet his parents own most of his flat, and his inheritance is tied into his family home which his parents still live in. So my understanding is that half of my flat and half my savings/inheritance could go to him, and I might not even get a cent of his flat as there were talks he might transfer it to his parents or sister, to avoid the hassle of being a landlord. As I don't have any other family or homes in this country, can't go back to my home country, so losing half my house and savings could end up quite dire - especially since i wouldn't be able to buy him out or afford to look after my parents.

My question is - are there any ways to designate property or savings in the bank as non marital estate, outside of a pre nup? And can I at all ensure that in the event of a divorce, the ISA earmarked for my parents and my flat are untouched?

( All hypothetical btw!! I would obviously hope we never get divorced.) Apologies for the length. Just wanted to share all the details for context.

justme111

Speakimg to a solicitor seems an obvious step. Another obvious one would be to return money now to tour parents. On a side note - you seem confident that your parents will be able to obtain British residency for you to look after them. It may be difficult, are familiar with the process?

KRB2725

Just return the money to your parents and let them look after it?

Why are you so opposed to a pre nup when you are trying to achieve exactly what a pre nup offers? It seems you want a pre nup, but want it called something different?

(I'm not sure of the legal standing of a pre nup in the UK, I didn't think they were binding, I'm sure someone will comment on this soon).

Pixie5740

Don't get married. That way you can keep you assets separate.

Fosterdog

As others have said you'd be better giving the money back to your parents now. Once you are married if you get past the two year mark it will be a starting point of 50/50 on everything, it doesn't mean he will get 50% especially if you can show that he gave away assets but that would be the starting point.

Surely you should either trust him completely or if you don't why are you marrying him?

Guest101

If you aren't happy to share 50% of everything, no matter what, with the other person - don't get married


It may seem romantic, but the fact is this is a legal contract!

Pollycat

Do you have a specific reason why you are not returning the money your parents loaned you right now?

That seems the obvious solution to that dilemma.

gettingtheresometime

I thought it was odd that your hubby to be would give his share of the property to his mum & sister, regardless of how much is owed to them, rather than sell it, pay back the debt and have the remaining money for your futures together

KiKi

I don't know enough about it, but I've seen it said a gazillion times on this forum that when someone moves in with you, it doesn't matter whether he pays the mortgage or not. As a partner he may be considered to have an interest in the property and your assets (oo-er!), and as a husband he will definitely have an interest in the house, as you would his.

I'm sure someone else can explain, but don't fall into the trap of thinking that because he doesn't pay the mortgage that somehow your house will only belong to you, because that's not the case.

KiKi

Guest101

KiKi wrote: »

I don't know enough about it, but I've seen it said a gazillion times on this forum that when someone moves in with you, it doesn't matter whether he pays the mortgage or not. As a partner he may be considered to have an interest in the property and your assets (oo-er!), and as a husband he will definitely have an interest in the house, as you would his.

I'm sure someone else can explain, but don't fall into the trap of thinking that because he doesn't pay the mortgage that somehow your house will only belong to you, because that's not the case.

KiKi

It's not that simple.


It doesn't matter if the money goes from his account to the lender or not. It's if he's paying more than just share of utilities.

Fireflyaway

I think its amazing you have saved up and can repay your parents. I'm an only child too and feel guilty ( although grateful and fortunate too) about how much money my folks have given me over the years. I hope to be like you and repay them sometime.
I don't know from a legal standpoint but I would give your parents the money now. If they dont need it they can keep it in savings till they do. Seems the only way to be 100% sure its safe.