Selling Investment Property to Father ahead of Divorce.

[Deleted User]

elsien said:

I’m struggling to see how selling the property and gifting the money to niece/nephew is safeguarding it.
 Smacks instead of doing everything possible  to prevent her getting any share, with no other reason behind the decision.

It also involves giving away 100% of the capital when it’s likely that in the event of a divorce the OP would at least keep some capital. Cutting his nose off to spite his face. 

74jax

74jax said:

How long have you been married? 
So you have been together 8 years, then got married and moved in with your parents. 
Had a child 2 years ago and then used different bedrooms at your parents. Is this right? 
When did the buying of the investment property happen? When you were married or dating?

Also your previous threads are a little confusing. Only last week you were looking at buying a new car with your wife, but as she could possibly lose her job you were asking advice on the repayment as you didn't know to go ahead or not due to losing a salary. This to me reads as though she does contribute?
And in 2016 you mention a property your dad name and the option of you and your wife buying it with your joint income.  Again it reads as though she does contribute? 

Until he clarifies the above, we don't actually know timelines or what the other person contributed as it's contradictory.  

Did he and his wife buy the car last week?  Are they financially both contributing?  AT what stage of separation are they out.  Nothing really makes sense.

elsien

Lover_of_Lycra said:

elsien said:

I’m struggling to see how selling the property and gifting the money to niece/nephew is safeguarding it.
 Smacks instead of doing everything possible  to prevent her getting any share, with no other reason behind the decision.

It also involves giving away 100% of the capital when it’s likely that in the event of a divorce the OP would at least keep some capital. Cutting his nose off to spite his face. 

Unless he's planning to "gift" it then retrieve it later. 

Emmia

elsien said:

Lover_of_Lycra said:

elsien said:

I’m struggling to see how selling the property and gifting the money to niece/nephew is safeguarding it.
 Smacks instead of doing everything possible  to prevent her getting any share, with no other reason behind the decision.

It also involves giving away 100% of the capital when it’s likely that in the event of a divorce the OP would at least keep some capital. Cutting his nose off to spite his face. 

Unless he's planning to "gift" it then retrieve it later. 

I think that's his real intention...

Charlie1985

Hi all,
Please see clarifications below:

1. We did not purchase the car. The intent was to buy this for her to travel to work. Assuming she was able she would have contributed to the monthly payments had we have purchased it

2. My post from 2016 can be ignored we never purchased our parents house

3. Since being married we have always lived at my parent’s. To clarify the investment property was purchased 4 years ago (not 3 - mistake on my part) whilst married. Our child was born 2 years after that.

4.Thinking of gifting then retrieving some is correct

74jax

Charlie1985 said:

Hi all,
Please see clarifications below:

1. We did not purchase the car. The intent was to buy this for her to travel to work. Assuming she was able she would have contributed to the monthly payments had we have purchased it

2. My post from 2016 can be ignored we never purchased our parents house

3. Since being married we have always lived at my parent’s. To clarify the investment property was purchased 4 years ago (not 3 - mistake on my part) whilst married. Our child was born 2 years after that.

4.Thinking of gifting then retrieving some is correct

OK I think I follow. You have been married 4 years, all living at your parents. Your child was born 2 years ago and you have been separated (in different rooms since).  
The property purchased whilst married will most definately be split 50/50.
I'm guessing your parents and wife understand you are separating. 
Your wife already has a job but if you are separated could she boost her income to move out, it must be very hard for her living in your parents house separately, or would she need the investment house sold in order to do this?

Charlie1985

She has said she will move back in with her parents. Hope that helps.

Emmia

Charlie1985 said:

She has said she will move back in with her parents. Hope that helps.

I'm not sure that has any bearing on the split of the property. 

If you accept the premise that she is entitled to a share of assets gained during your marriage, (rather than resisting this) you'll probably save yourself a world of pain, and a larger than necessary legal bill - which will be to the financial detriment of you both.

elsien

Charlie1985 said:

Hi all,
Please see clarifications below:

1. We did not purchase the car. The intent was to buy this for her to travel to work. Assuming she was able she would have contributed to the monthly payments had we have purchased it

2. My post from 2016 can be ignored we never purchased our parents house

3. Since being married we have always lived at my parent’s. To clarify the investment property was purchased 4 years ago (not 3 - mistake on my part) whilst married. Our child was born 2 years after that.

4.Thinking of gifting then retrieving some is correct

If your wife has any sense at all, that one certainly isn't going to fly.
Rather than talking about "safeguarding" your assets, how about having a change of the way you are looking at it and considering it as the money safeguarding your child's future?
Sibling has his own business which he has worked incredibly hard to to build up while his wife worked part time and looked after the children because that worked for them. Several million pounds worth of assets with pension, house etc all in. No fannying around, 50% split agreed because that's the law and he doesn't want to spend many many thousands with all the added stress to end up in pretty much the same place at the end of it all. That's what you signed up to when you got married. Learn to live with it. 

groovy_chick

elsien said:

That's what you signed up to when you got married. Learn to live with it. 

Exactly this /\
When we get married we stand there and say "all I have, I give to you" .... people seem to conveniently forget that all too easily when the party is over!