Marriage, Divorce and Inheritance

pphillips

MrsLV83 wrote: »

I don't even know what I am asking...more of a what would you do?

I can't think straight.

What I would do if I were you - I would get legal advice with the intention of, If could afford it, putting the £135K into an unbreakable trust for the benefit of my children (probably a stakeholder pension and a discretionary trust).

That way you would know that your children would benefit from your dad's pension rather than it being potentially divided up between you and your husband as a marital asset.

Gavin83

pphillips wrote: »

What I would do if I were you - I would get legal advice with the intention of, If could afford it, putting the £135K into an unbreakable trust for the benefit of my children (probably a stakeholder pension and a discretionary trust).

That way you would know that your children would benefit from your dad's pension rather than it being potentially divided up between you and your husband as a marital asset.

Little late to do this, the money would still be considered in the divorce settlement.

The best option for the OP is to suggest that her inheritance is ignored and in return his rental property isn't considered. How likely he is to agree will depend on how much equity there is in the property.

However both have to be fair here. Neither can choose parts of their own money they want ignored while expecting the other partner to put all their assets in the pot.

pphillips

Gavin83 wrote: »

Little late to do this, the money would still be considered in the divorce settlement.

I'm not sure that this makes sense, how is it too late if she received the money on 21st June 2017? Please provide a reference for your assertion.

ERICS_MUM

OP I can't help much but I suggest you get copies of your husbands bank statements and any other assets in his name as far back as you can, to prove income, savings, any large expenditure. Don't assume he will be completely honest when disclosing his assets as part of the marital 'pot'. Also ring fence any accounts he can access so that he doesn't clear them out. I'm not saying he's dishonest, just that you need to take responsibility for your short term financial security while the settlement is being agreed.

Gavin83

pphillips wrote: »

I'm not sure that this makes sense, how is it too late if she received the money on 21st June 2017? Please provide a reference for your assertion.

You can't just put everything you own into trusts so it isn't considered in a divorce settlement. If you could everyone would do it and financial settlements in divorces would be pointless. It would be the same as a guy with several million pounds in cash putting it in a trust and going "I'm penniless, I've no assets to bring to the table".

It's deprecation of assets, in exactly the same way it would be if you were going into care. Your essentially hiding assets to reduce your payment. Even if it was possible there would be nothing stopping him putting his house in a trust either, or are you suggesting she goes after that while trying to reduce her own footprint?

Reason I say it's too late as the time to have done this would have been in the original will. Could have left the assets to the grandchildren instead of her.

elsien

When a relative divorced the court decided the inheritance the ex received from her late parents was not included in the settlement, although she recieved it prior to them separating.

Also separate any joint accounts if you can and start up ones in your own name if you haven't already done so.

pphillips

Gavin83 wrote: »

You can't just put everything you own into trusts so it isn't considered in a divorce settlement. If you could everyone would do it and financial settlements in divorces would be pointless. It would be the same as a guy with several million pounds in cash putting it in a trust and going "I'm penniless, I've no assets to bring to the table".

It's deprecation of assets, in exactly the same way it would be if you were going into care. Your essentially hiding assets to reduce your payment. Even if it was possible there would be nothing stopping him putting his house in a trust either, or are you suggesting she goes after that while trying to reduce her own footprint?

Reason I say it's too late as the time to have done this would have been in the original will. Could have left the assets to the grandchildren instead of her.

Still no references - although you make a good moral argument.
Anyone, including the husband, can legally put their assets into trust to avoid having to pay a divorce settlement or care fees but the reason everyone isn't doing it is because putting your assets into trust means you lose control over them - that control is handed over to the trustees and you will probably never have control over those assets ever again.

Gavin83

pphillips wrote: »

Still no references - although you make a good moral argument.
Anyone, including the husband, can legally put their assets into trust to avoid having to pay a divorce settlement or care fees but the reason everyone isn't doing it is because putting your assets into trust means you lose control over them - that control is handed over to the trustees and you will probably never have control over those assets ever again.

Actually the same rules apply for care home placements, if you place your assets in trusts and it's considered you've done this to avoid care home fees you'll still be considered as owning those assets.

Anyway, you want references? No problem:

Case of AC v DC (No 1) [2012] EWHC 2032 (Fam)

Point 1, although the others are interesting too

MrsLV83

Thanks Elsien, We already have seperate bank accounts, and the money is actually in one he doesnt know about.
We have one joint account, he puts in £900, I put in £800. which the mortgage and bills comes out of.
I pay for everything for the kids, with regards to school. which equates ro roughly £150 a month.
So technically I pay more towards the house and children

MrsLV83

Thank you everyone for your help. I do have a long list of questions to put forward to the solicitor tomorrow.

Not sure how much of this is true (Insert relevent web address) forbes /sites/jefflanders/2011/09/28/why-divorcing-women-need-to-pay-careful-attention-to-the-date-of-separation/#5fd1ef74b227

My husband wrote a letter to HMRC when my CTC stopped to let them know I weren't lying and he wasnt living with me as of January 2016 and he signed it. they have returned it, so I have his letter back saying we've been seperated since January 2016.