Protecting wealth in case of divorce

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  • qwert_yuiop
    qwert_yuiop Posts: 3,615 Forumite
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    Judi wrote: »
    Doomed before it starts...

    It’s probably an argument for getting married at 19, though. Before either of you has anything.
    “What means that trump?” Timon of Athens by William Shakespeare
  • onlyroz
    onlyroz Posts: 17,661 Forumite
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    I can see a justification for concern if you have children from previous marriages and you want to make sure that they will be looked after if the worst happens. Otherwise, I don't see the issue and wouldn't marry someone who viewed his previous assets as his and his alone.
  • Marisco
    Marisco Posts: 42,036 Forumite
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    qwert_yuiop wrote: »
    It’s probably an argument for getting married at 19, though. Before either of you has anything.

    Which is what I did. Mind we were divorced 25 years later :D
  • Poor_Single_lady
    Poor_Single_lady Posts: 1,527 Forumite
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    I'm surprised how damming people are of pre-nups. I kind of view them a bit like insurance. You hope you don't need it but nice to have a plan of action should the worse happen.
    I would sign one and and if I was wealthy I would consider one.

    But that said I wouldn't want anything that wasn't mine and I wouldn't want to share any previous assets.

    But then I guess it depends what kind of person you get involved with. If you are lucky enough to be find kindness and a good heart attractive then a potential split is unlikely to get messy.
    On the other hand if you're attracted to fireworks and difficult people you are more likely to have a fiery split.

    I had a very kind hearted split compared to a lot of my friends but during break ups people can behave in ways that can surprise you. On balance I think pre-nups are worth considering.
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
  • pearl123
    pearl123 Posts: 2,056 Forumite
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    economic wrote: »
    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
    Some helpful posters have indicated that you have asked this question more than once. Just see a solicitor.

    Ps the person without the wealth entering the marriage could be bringing into it what money can’t buy!
  • qwert_yuiop
    qwert_yuiop Posts: 3,615 Forumite
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    [QUOTE=Poor_Single_lady;74130826On_balance_I_think_pre-nups_are_worth_considering.[/QUOTE]

    Or would be if they had any validity in law anyway.
    “What means that trump?” Timon of Athens by William Shakespeare
  • Pollycat
    Pollycat Posts: 34,685 Forumite
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    Poor_Single_lady wrote: »
    I'm surprised how damming people are of pre-nups.
    I kind of view them a bit like insurance. You hope you don't need it but nice to have a plan of action should the worse happen.
    I would sign one and and if I was wealthy I would consider one.

    But that said I wouldn't want anything that wasn't mine and I wouldn't want to share any previous assets.

    .

    Of course it's hard to say what you'd do in a certain scenario, but I think if I were entering into a marriage, I'd expect to share my assets with my partner and expect reciprocity from him.

    If he refused, that would impact on my attitude towards him and I could see myself walking away.

    There's a thread on here about assets and pensions from a lady in her 2nd marriage, both partners have children from previous relationships.
    It makes interesting reading.
  • FBaby
    FBaby Posts: 18,367 Forumite
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    I kind of view them a bit like insurance. You hope you don't need it but nice to have a plan of action should the worse happen.
    Exactly, my view is that marriage is an union of faith that means you are prepared to take the risk that comes with it along with the benefits. In my view, that's what makes marriage sacred, you are telling the person you are committed to that you are prepared to lose financially for them, how much more a commitment of love is that?

    Nothing wrong for not being prepared to do this, but then DON'T get married since you are doing so on false pretense, ie. you are married only for the better, not the worse.
  • Marvel1
    Marvel1 Posts: 7,172 Forumite
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    Don't get married, stay single.
  • Happier_Me
    Happier_Me Posts: 563 Forumite
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    Given that almost 50% of marriages end in divorce, I think it's very practical to take steps to protect assets built up prior to the marriage. It's not the best odds is it!

    So I genuinely don't get why many on here find it so unpalatable when someone suggests protecting their assets from something that happens so regularly. I find the whole 'if he/she won't share their financial assets with me they clearly don't love me enough' argument really quite mercenary.

    In simple terms your friend shouldn't get married if he wants to completely protect his assets. If he really wants to marry then he needs proper legal advice, but I doubt anything would be water tight. And obviously his fianc!e might well feel that his money is part of the package she's getting and so this damage his relationship beyond repair.
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