Protecting wealth in case of divorce

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economic
economic Posts: 3,002 Forumite
in Marriage, relationships & families
Hi

My friend is getting married and is bringing in a lot more wealth then his fiance and so is worried in the unlikely event of a separation, that his wealth will not be protected.

Is there a way to protect his wealth using Trusts? If so how can he do this and how long does it take? Does he need to do this before marriage?

Thanks
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  • jimbo747
    jimbo747 Posts: 630 Forumite
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    Makes me feel all warm and fuzzy inside.
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
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    Don't get married would be my advice
  • economic
    economic Posts: 3,002 Forumite
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    gettingtheresometime wrote: »
    Don't get married would be my advice

    Why do you say that?
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    Your friend needs a prenup, they are more common these days but not very romantic.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    I do not think prenups are legally binding in the UK.

    I agree,if he does not want to share his wealth, don't get married. That is the easiest (and maybe the only reliable) way of keeping it to himself.

    https://www.sheppersonssolicitors.com/prenuptial-agreements.html
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    seven-day-weekend wrote: »
    I do not think prenups are legally binding in the UK.

    I agree,if he does not want to share his wealth, don't get married. That is the easiest (and maybe the only reliable) way of keeping it to himself.

    https://www.sheppersonssolicitors.com/prenuptial-agreements.html

    "Prenuptial agreements are not currently legally binding in England. However, a Judge is likely to take a prenuptial agreement into account when overseeing a case and is likely to uphold it, as long as certain safeguards have been met."

    Its not 100% but much better than not having one I would think.
  • michelle09
    michelle09 Posts: 912 Forumite
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    If your friend is truly this worried about losing their money in a divorce then my advice would be not to get married at this point.

    I'm not a particular romantic but I think it's a little sad that so many people want to prepare for a marriage to fail before it's begun. And seem to look at it as a financial investment- would your friend be looking into pre-nups if the figures were reversed?

    My OH muttered about pre-nups when we were first dating as he had £50k more than me. I told him at the time that I would not marry someone who was planning for marriage failure before we'd said I do.

    Besides, it would have worked out worse for him. All his savings came from inheritance and I've "made up" that 50k difference in earnings in the four years we've been together. Although I am a strong believer that marriage is a partnership and not just about what you bring to the table financially.
  • Spendless
    Spendless Posts: 24,151 Forumite
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    gettingtheresometime wrote: »
    Don't get married would be my advice
    economic wrote: »
    Why do you say that?
    Because pre-nups are not legally binding, meaning a Judge doesn't have to take them into account.

    Because the longer the marriage the longer finances will be 'merged' together.

    If there's children from the relationship, they will have to be taken into account and provided for.
  • thorsoak
    thorsoak Posts: 7,166 Forumite
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    economic wrote: »
    Why do you say that?

    If your friend is so "wealthy" why is he not consulting his financial advisor/solicitor? Why ask on a social forum?

    Or his is wealth from questionable sources?
  • Pollycat
    Pollycat Posts: 34,686 Forumite
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    thorsoak wrote: »
    If your friend is so "wealthy" why is he not consulting his financial advisor/solicitor? Why ask on a social forum?

    Or his is wealth from questionable sources?
    I agree it sounds odd.
    The OP seems to be busy asking questions that really need 'proper' advice on behalf of this 'friend':
    http://forums.moneysavingexpert.com/showthread.php?t=5773581

    http://forums.moneysavingexpert.com/showthread.php?t=5823275

    The last thread asks questions about wording of pre-nups.
    Seriously?
    On a public forum?

    To the OP and your friend - you really need to take yourself off and spend some of that money you are so anxious to protect from the person you're planning to marry and get legal advice.

    As for the intended bride - I'd be running for the hills.
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