Hypothetical Future Divorce

homeless9

I am not getting divorced, not even close......I am just wondering how to protect my savings/assets from the possibility that one day I'll get married and divorced.

I have a fair amount of savings of which the majority will likely be put into buying a property of my own, with a small amount in investments.

Say......

I buy a property, get a mortgage, I meet someone, settle down, she moves in with me, we get married. Assuming she has less than ~30% of the value of the house in cash to put towards it, then I'd probably choose to remain the only name on the deeds and the mortgage in order to hopefully protect them during a potential divorce.

2 scenarios for you....

1. We have no kids during the marriage, we get divorced....
Would the house remain 100% mine? If not, would a prenup suffice? if not, will anything suffice? I would not allow her to pay anything towards the house, no building extensions, garden patio etc and no electric/gas/water/council tax bills, I'd maybe ask her to pay for Food and any holidays. Also would the cash in my own individual bank account and individual stock broker account, remain mine?


2. We have kids during the marriage, she was/is a stay at home Mum, we get divorced....
I assume I can say good riddance to 50% or maybe more of the house? Even if you bought the whole house before you met your wife, as soon as she has your children and becomes a stay at home mum - you give up ~50% of it to her?

Comms69

homeless9 wrote: »

I am not getting divorced, not even close......I am just wondering how to protect my savings/assets from the possibility that one day I'll get married and divorced. - Don't get married.

I have a fair amount of savings of which the majority will likely be put into buying a property of my own, with a small amount in investments. - Irrelevant. Marriage isn't about love, it's a legal contract between two people

Say......

I buy a property, get a mortgage, I meet someone, settle down, she moves in with me, we get married. Assuming she has less than ~30% of the value of the house in cash to put towards it, then I'd probably choose to remain the only name on the deeds and the mortgage in order to hopefully protect them during a potential divorce. - ..... no

2 scenarios for you....

1. We have no kids during the marriage, we get divorced....
Would the house remain 100% mine? no If not, would a prenup suffice? no if not, will anything suffice? no I would not allow her to pay anything towards the house, no building extensions, garden patio and no electric/gas/water bills, I'd maybe ask her to pay for Food and any holidays. - irrelevant. Also would the cash in my own individual bank account and individual stock broker account, remain mine? no


2. We have kids during the marriage, she was/is a stay at home Mum, we get divorced....
I assume I can say good riddance to 50% or maybe more of the house? - upto 100%, but kids don't change that Even if you bought the whole house before you met your wife, as soon as she has your children and becomes a stay at home mum - you give up ~50% of it to her?no

Don't get married.


(She's one lucky gal!)

pphillips

Regardless of situation 1 or 2, when you get married your assets become joint and so it doesn't really matter who's name the house is in or who contributed towards the house financially. Non-financial contributions to the marriage are considered to be just as valuable. If you divorce - 50/50 is the usual starting point but this is adjustable to take into account relevant factors such as the length of the marriage, the needs of any children and pension entitlement.

If you decide to enter into a prenup then two things are essential:
1. That you both get legal advice before signing it.
2. That it is regularly reviewed during the marriage to ensure it is still appropriate.
This will make it more likely that the court will decide to follow the prenup, although this cannot be taken as guaranteed.

Gavin83

Length of the marriage will potentially be factor but yes, essentially all assets become joint and it's likely she'll have a claim on your property, starting at 50%. If you have kids and she remains the primary carer she'll potentially remain in the property, minus you, until the youngest is 18.

I guess ultimately the lesson is don't get married or marry someone with roughly an equivalent level of assets as you.

gettingtheresometime

Gavin83 wrote: »

I guess ultimately the lesson is don't get married or marry someone with roughly an equivalent level of assets as you.

Or if you're being totally unromantic, more assets than you :rotfl:

Katy76

Quick question - what about if you already own the property out right, then meet someone and marry them and they move into the house. If you divorce would she be able to claim 50% even though the mortgage was paid off before meeting the wife and she is not on the deeds?

SuperPikachu

"Don't get married" seems to be good advice nowadays

pinkshoes

homeless9 wrote: »

I am not getting divorced, not even close......I am just wondering how to protect my savings/assets from the possibility that one day I'll get married and divorced.

I have a fair amount of savings of which the majority will likely be put into buying a property of my own, with a small amount in investments.

Say......

I buy a property, get a mortgage, I meet someone, settle down, she moves in with me, we get married. Assuming she has less than ~30% of the value of the house in cash to put towards it, then I'd probably choose to remain the only name on the deeds and the mortgage in order to hopefully protect them during a potential divorce.

2 scenarios for you....

1. We have no kids during the marriage, we get divorced....
Would the house remain 100% mine? If not, would a prenup suffice? if not, will anything suffice? I would not allow her to pay anything towards the house, no building extensions, garden patio etc and no electric/gas/water/council tax bills, I'd maybe ask her to pay for Food and any holidays. Also would the cash in my own individual bank account and individual stock broker account, remain mine?


2. We have kids during the marriage, she was/is a stay at home Mum, we get divorced....
I assume I can say good riddance to 50% or maybe more of the house? Even if you bought the whole house before you met your wife, as soon as she has your children and becomes a stay at home mum - you give up ~50% of it to her?

I really don't think marriage is for you...


Relationships and happiness should come before money.



If you are not willing to share, then I would suggest staying single as clearly you are never going to commit yourself due to the financial risk.

marliepanda

Katy76 wrote: »

Quick question - what about if you already own the property out right, then meet someone and marry them and they move into the house. If you divorce would she be able to claim 50% even though the mortgage was paid off before meeting the wife and she is not on the deeds?

Depends how long the marriage is.

unholyangel

Katy76 wrote: »

Quick question - what about if you already own the property out right, then meet someone and marry them and they move into the house. If you divorce would she be able to claim 50% even though the mortgage was paid off before meeting the wife and she is not on the deeds?

Assuming you're in england, as others have said the length of the marriage would be a factor. In a long marriage though, it will be a joint asset.

If you're in scotland the law here is different and premarital assets usually dont form marital property - unless you buy it in contemplation of the marriage or say you bought a house before being married and then sold it and purchased another one while married. Similarly, anything you acquire after the date of separation or anything you are gifted or inherit remains yours under scots law.


So it looks like you have 2 possible options. Don't get married or move here, to scotland

Although I should add that in scotland you cannot exclude your spouse from the marital home - even if you own it 100% or even if its only your name on the tenancy.

Gavin83

Katy76 wrote: »

Quick question - what about if you already own the property out right, then meet someone and marry them and they move into the house. If you divorce would she be able to claim 50% even though the mortgage was paid off before meeting the wife and she is not on the deeds?

It makes no difference if you own the house outright or not when entering the marriage so the previous posts still apply.