Protecting wealth in case of divorce
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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
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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Comments
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Makes me feel all warm and fuzzy inside.0
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Don't get married would be my advice0
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gettingtheresometime wrote: »Don't get married would be my advice
Why do you say that?0 -
Your friend needs a prenup, they are more common these days but not very romantic.0
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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 Eagleton0 -
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.0 -
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.0 -
gettingtheresometime wrote: »Don't get married would be my adviceWhy do you say that?
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.0 -
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?
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.0
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