How will getting Married affect my finances?
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Again thanks for the replies.
I am not one to hide away money and keep anything a secret. My partner and I have openly discussed our finances, and he is fully on board with a pre nuptial agreement.
It’s a pretty acknowledged thing that he is just plain irresponsible with money, and doesn’t know how to handle it very well. Therefore even though it may be seen to some as “pre-planning our divorce” or “throwing away the romance”, we call it being sensible and making sure the money is kept in the best interests of our children if things were to go in a way we don’t intend.
As it stands he would be happy sitting down with a solicitor, gaining his advice and going ahead with a pre-nup, and thanks, I now understand it’s not legally binding but that it does hold SOME weight.0 -
But you asked the same question 3 years ago and you were only planning on buying the house then. You referred to it as 'Our house' and it was only in your name as he couldn't be on the mortgage. You said then that you had been together for 3 years on and off.0
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Financial settlements after divorce take into account the length of the marriage - but once married the courts count previous cohabitation as part of the length of the marriage. So if you have already been together X years and divorce after 2 years, the length of your marriage will be treated as X+2. Once you get into the realms of a 'long' marriage the impact on a financial settlement is significant. All assets go into the pot - house, savings, pension pot. Both of you would need accommodation suitable for the children; the resident parent would however have a greater need.
Frankly if you are the one with the house and savings, I'd think twice about marriage.0 -
Swigaloo: “But you asked the same question 3 years ago and you were only planning on buying the house then. You referred to it as 'Our house' and it was only in your name as he couldn't be on the mortgage. You said then that you had been together for 3 years on and off.”
Yes I know I have asked all the pertinent questions I needed to at the time. And your point?
I didn’t once ask about how marriage would affect me because at the time we weren’t engaged... I struggle to see the relevance of your comment haha.0 -
YasmineA90 wrote: »Will in the event of a split (hopefully never going to happen) will he automatically be entitled to half of my estate
Because of the time you've already been a couple, yes, he would be entitled to claim 50% of your joint assets even if you split up just months after getting married.
If you're not happy with that possibility, don't get married.0 -
Because of the time you've already been a couple, yes, he would be entitled to claim 50% of your joint assets even if you split up just months after getting married.
If you're not happy with that possibility, don't get married.
There are no joint assets, as in, anything purchased together. 3 years ago I made a property purchase (using my own savings and my parents help, and continue to pay for it myself)0 -
When you are married everything is a joint asset. Doesn’t matter who bought it, whose money paid for it, it’s joint.0
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Do not forget to make a new will. This can be done before marrying but needs to be done in contemplation of marriage, so do not DIY it.0
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YasmineA90 wrote: »Swigaloo: “But you asked the same question 3 years ago and you were only planning on buying the house then. You referred to it as 'Our house' and it was only in your name as he couldn't be on the mortgage. You said then that you had been together for 3 years on and off.”
Yes I know I have asked all the pertinent questions I needed to at the time. And your point?
I didn’t once ask about how marriage would affect me because at the time we weren’t engaged... I struggle to see the relevance of your comment haha.
My point is that 3 years ago it was clearly a joint purchase in terms of whos house it was going to be, the mortgage was just in your name as he didn't qualify for a mortgage therefore as others have said you are in a long standing relationship and bought the house whilst in the relationship as a joint home and he will probably be entitled to a share. haha!0 -
My point is that 3 years ago it was clearly a joint purchase in terms of whos house it was going to be, the mortgage was just in your name as he didn't qualify for a mortgage therefore as others have said you are in a long standing relationship and bought the house whilst in the relationship as a joint home and he will probably be entitled to a share. haha!
However this is where an agreed prenup that holds a little weight would come into it surely?
He is in agreement that he doesn’t want any of the houses worth if we were to ever split, as he would see it as taking away from his own children and carer. All we mutually want to do is get this in writing. He has no intention of ever wanting anything I’ve worked hard for and neither do I want to take from him0
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