Protecting my assets in new relationship

pinkshoes

I think financial compatibility should be equally as important in a relationship as all other aspects of compatibility.

If you're sure that this man is for you, then perhaps it would be a good idea for you to have separate bank accounts (if you're financially tied to him, it could hurt your credit rating), and be open and honest about the finances, and perhaps insist that you take control of his finances, and make sure he pays the debts off.

Sailor_Sam

I am not married and my house paid for now. I moved here last year after my mum died. I got the house the others got cash. I'm not in a relationship, but maybe looking, it is for this reason, we've put the house in joint names with other members of the family. Find someone you can trust and sign a share of the house to them. Better safe than sorry. It has the added advantage if at sometime in the future you needed to go into care, the govt could not take the house to pay for it.
I had an ex-g/f who was a yank, and loaded. When she went back to the states she wanted me to go and live together, but sign a pre-nup first.

Mojisola

Sailor_Sam wrote: »

we've put the house in joint names with other members of the family.

Isn't this quite risky? If any of the other family members had a relationship breakup or got into debt or died, you could be forced to sell your home. Also, won't the other owners be liable for CGT as the house isn't their first home?

something_girl

interesting.... I don't know the exact rules on this at all. Could a partner have a claim on a house that was entirely owned by the other partner, especially if the house was owned outright before the new partner moved in?

bryanb

Sailor_Sam wrote: »

Find someone you can trust and sign a share of the house to them. Better safe than sorry. It has the added advantage if at sometime in the future you needed to go into care, the govt could not take the house to pay for it.

Sorry, the government (Local authorities actually) are cleverer than you think!

bryanb

Turquoise wrote: »

And finally, does him living with me have any effect upon the payments he makes to his ex-wife for their children?

When I was in this position (1980's) my partner's income was taken into account for maintenance payments to my children Not sure if this still applies, but I think so.

something_girl

bryanb wrote: »

When I was in this position (1980's) my partner's income was taken into account for maintenance payments to my children Not sure if this still applies, but I think so.

I think, for CSA payments anyway, its only if the new partner has children, that it makes a difference to the partner paying maintenance to their ex.... ie it goes down a bit if there are children in the new household.

Jet

something_girl wrote: »

interesting.... I don't know the exact rules on this at all. Could a partner have a claim on a house that was entirely owned by the other partner, especially if the house was owned outright before the new partner moved in?

Only if the new partner could prove that he/she had made significant contribution to the property, ie; paying for an extension or improvements or if they have children together.

something_girl

Jet wrote: »

Only if the new partner could prove that he/she had made significant contribution to the property, ie; paying for an extension or improvements or if they have children together.

thanks for that. I guess it all sounds a bit cold, but like the OP says, it's just basic sense to protect yourself and your children. My partner lives with me half of the time, the other half he stays in a hotel while working away. I own my house and have various savings, he literally has nothing, but earns a good wage. We both have children, but none together and we are not married. So basically everything is separate.

Suits me!

Turquoise

Certainly food for thought. Thank you all for your replies. To those of you who have been stung, it's really appalling how things can turn out. The key is trying to find the right balance between being realistic and making a complete blockage of any future with a partner over money.