Divorce settlement

unholyangel

Comms69 said:

unholyangel said:

Comms69 said:

unholyangel said:

wawi33 said:

We have complicated financial arrangements and she is using this against me

I also have a friend’s house entirely in my name with mortgage paid which he registered in my name in 2017 as he was bankrupt (and she also acknowledges this is not our asset)

She is using the 2 properties that we have registered in our names against me, specially my friend’s property which she knows it is not mine at all. And she is using the fact that I started to see someone last year against me. 

Either the asset is yours & would go into the pot for the divorce agreement or you & your friend have potentially committed fraud by making a false declaration you know to be untrue with the intent of someone profiting/causing someone else a loss. The road to hell certainly is paved with good intentions. 

Get legal advice. If your wife is aware of the above (and from what you've said, it seems likely), you can't afford not to. How would you defend your wife stating you own it? Or even her disclosing you only transferred it to avoid your friend losing it in bankrupty? 

Also, the one asset you haven't mentioned yet is pension pots. How do those compare for each of you and what is the proposed split of them? 

In addition, not paying tax on the rental income. And probably not provided the relevant documents and checks as obligated by law

Not so much tax on the rental income (as there's no requirement to charge rent). But I doubt the OP actually purchased it from their friend, let alone at a fair market rate so probably hasn't paid SDLT and probably isn't aware they'll be liable for CGT on the whole value when they transfer it back. And it will be the OP that is liable, not their friend. 

Although I wonder, if a court awards the wife 50% of the friends house plus OP ends up being liable for CGT when disposing (selling or transferring) the property as it's not his main residence, is the friend going to offer to cover those losses for OP? I would guess not given it could be hundreds of thousands of pounds. 

presumebly the friend is paying the mortgage on a BTL. That is rental income.

OP said the mortgage is paid - which I presumed to mean mortgage free because if there was a mortgage, they wouldn't have been able to transfer it to OP without satisfying the charge on the property. 

pphillips

unholyangel said:

Comms69 said:

unholyangel said:

wawi33 said:

We have complicated financial arrangements and she is using this against me

I also have a friend’s house entirely in my name with mortgage paid which he registered in my name in 2017 as he was bankrupt (and she also acknowledges this is not our asset)

She is using the 2 properties that we have registered in our names against me, specially my friend’s property which she knows it is not mine at all. And she is using the fact that I started to see someone last year against me. 

Either the asset is yours & would go into the pot for the divorce agreement or you & your friend have potentially committed fraud by making a false declaration you know to be untrue with the intent of someone profiting/causing someone else a loss. The road to hell certainly is paved with good intentions. 

Get legal advice. If your wife is aware of the above (and from what you've said, it seems likely), you can't afford not to. How would you defend your wife stating you own it? Or even her disclosing you only transferred it to avoid your friend losing it in bankrupty? 

Also, the one asset you haven't mentioned yet is pension pots. How do those compare for each of you and what is the proposed split of them? 

In addition, not paying tax on the rental income. And probably not provided the relevant documents and checks as obligated by law

Not so much tax on the rental income (as there's no requirement to charge rent). But I doubt the OP actually purchased it from their friend, let alone at a fair market rate so probably hasn't paid SDLT and probably isn't aware they'll be liable for CGT on the whole value when they transfer it back. And it will be the OP that is liable, not their friend. 

Although I wonder, if a court awards the wife 50% of the friends house plus OP ends up being liable for CGT when disposing (selling or transferring) the property as it's not his main residence, is the friend going to offer to cover those losses for OP? I would guess not given it could be hundreds of thousands of pounds. 

If no money has changed hands during a transaction, CGT is only payable on what the net increase would have been.

Comms69

unholyangel said:

Comms69 said:

unholyangel said:

Comms69 said:

unholyangel said:

wawi33 said:

We have complicated financial arrangements and she is using this against me

I also have a friend’s house entirely in my name with mortgage paid which he registered in my name in 2017 as he was bankrupt (and she also acknowledges this is not our asset)

She is using the 2 properties that we have registered in our names against me, specially my friend’s property which she knows it is not mine at all. And she is using the fact that I started to see someone last year against me. 

Either the asset is yours & would go into the pot for the divorce agreement or you & your friend have potentially committed fraud by making a false declaration you know to be untrue with the intent of someone profiting/causing someone else a loss. The road to hell certainly is paved with good intentions. 

Get legal advice. If your wife is aware of the above (and from what you've said, it seems likely), you can't afford not to. How would you defend your wife stating you own it? Or even her disclosing you only transferred it to avoid your friend losing it in bankrupty? 

Also, the one asset you haven't mentioned yet is pension pots. How do those compare for each of you and what is the proposed split of them? 

In addition, not paying tax on the rental income. And probably not provided the relevant documents and checks as obligated by law

Not so much tax on the rental income (as there's no requirement to charge rent). But I doubt the OP actually purchased it from their friend, let alone at a fair market rate so probably hasn't paid SDLT and probably isn't aware they'll be liable for CGT on the whole value when they transfer it back. And it will be the OP that is liable, not their friend. 

Although I wonder, if a court awards the wife 50% of the friends house plus OP ends up being liable for CGT when disposing (selling or transferring) the property as it's not his main residence, is the friend going to offer to cover those losses for OP? I would guess not given it could be hundreds of thousands of pounds. 

presumebly the friend is paying the mortgage on a BTL. That is rental income.

OP said the mortgage is paid - which I presumed to mean mortgage free because if there was a mortgage, they wouldn't have been able to transfer it to OP without satisfying the charge on the property. 

You might be right now Ive re-read it. Initially I read it as ‘mortgage paid’ as in the friend was covering the cost of the mortgage. 

spanish_inquisition

wawi33 It might be worth asking freesolicitoradvice.co.uk. Not sure if they can help but it's free so I suppose there's nothing to lose.

[Deleted User]

I think the child support request is quite reasonable.  My sister got £1200 10 years ago until the children finished full time education.   I've just worked out what it costs my sister as a problem has arisen and to be honest I'm really shocked how much it costs. You have to think of it as being fair to the children too.