friend getting married - what happens if the worse were to occur?

username12345678

I'm gently educating our 17 yo son in the risks of committing to marriage without fully understanding that you're giving another person the ability to ruin you financially for life.

And the chances of it happening aren't far off 50/50.

Mojisola

username12345678 wrote: »

I'm gently educating our 17 yo son in the risks of committing to marriage without fully understanding that you're giving another person the ability to ruin you financially for life.

And the chances of it happening aren't far off 50/50.

Only if you assume that all divorces end up with the wife's solicitor being better than the husband's and that the husband is in a better financial position than the wife.

le_loup

Malthusian wrote: »

I think it's been legal for women to use a computer since 1983.

You're right but it was only allowed for typing letters for a man.
erm? Isn't that still the case?

atush

johnmoney05 wrote: »

The women you saw, they needed a good (well, any will do) lawyer!

They had one, but if you arent married, and your name isnt on anything (because yo paid the bills etc), nothing you can do.

WE dont have Palimony.

atush

Bravepants wrote: »

My partner and I are not married, but we jointly own our property, in which we have a 50-50 split. Both our names are on the land registry. So that's that sorted.


We each have pensions and we each understand what would happen if we split, we take what we put in, and our pensions are our own.


The thing about divorce is it tends to be the lawyers that do the pushing for getting more!


There are some unscrupulous women out there. My partner's brother is going through a particularly nasty divorce at the mo. They have two kids between them, and his partner has her own child too. She basically wants 80% of everything he owns, including the house he had before he met her, and a share of his father's estate, and for him to continue paying her mortgage AFTER the divorce is over. Granted she will likely have custody of the children, but she also a couple of years ago inherited £100K from her late mum, which she promptly blew on various things including a garden recording studio for the house, which is now likely to be sold anyway, holidays and other expensive items. She didn't think to use that money for her and her kids futures, no she wanted to blow it to make sure she got as much out of her husband as possible. In court she states how her "mother would have wanted that". What? For her to blow all her mother's life savings on crap?


My partner's other brother has three kids (two with his estranged wife), they are divorced but she still wants £30k out of him. He doesn't earn a particularly large amount of money, and her parents are millionaires, and she is re-married already!


There are some spectacularly greedy people out there!


Anyway enjoy your (erm, sorry your friend's) wedding day!

You are starting off ok, but you dont get pension rights (so i assume you have put down each other in the intentions part of your pension) plus you dont inherit their isas, or other assets not covered by a will (gonna have to assume you have wills) and you would pay inheritance tax if assets incl their half of your home were more than the allowance.

I've known people who partners parents inherited their goods, belongings, cash and half the house when the partner died.

atush

BBH123 wrote: »

Not talking about hiding from authorities but from partner

That is illegal too, once you sign papers saying you've shown all your assets.

atush

username12345678 wrote: »

I'm gently educating our 17 yo son in the risks of committing to marriage without fully understanding that you're giving another person the ability to ruin you financially for life.

And the chances of it happening aren't far off 50/50.

Are you still married to the boys other parent?

If so, probably not the best teaching i've seen. Sure mention that assets would be shared, but saying his mother/father would want to ruin you for life? Not so nice, and possibly emotionally damaging.

Give the facts w/o bias.

Eco_Miser

le_loup wrote: »

You're right but it was only allowed for typing letters for a man.
erm? Isn't that still the case?

I think Admiral Grace Hopper may have disagreed with you.

Bravepants

atush wrote: »

You are starting off ok, but you dont get pension rights (so i assume you have put down each other in the intentions part of your pension) plus you dont inherit their isas, or other assets not covered by a will (gonna have to assume you have wills) and you would pay inheritance tax if assets incl their half of your home were more than the allowance.

I've known people who partners parents inherited their goods, belongings, cash and half the house when the partner died.

Yes, you're quite right, and I have every intention to make a will.


Regarding our pensions, we have both completed forms for death benefits to each other.


Got to get the will sorted!

Malthusian

atush wrote: »

They had one, but if you arent married, and your name isnt on anything (because yo paid the bills etc), nothing you can do.

Not true. You mentioned "a property they contributed to" - if they paid towards the deposit or the mortgage they were entitled to equity in the property, unless there was a specific agreement to the contrary. Whether their name is on the deeds or not is irrelevant.