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    • letspretendforaminute
    • By letspretendforaminute 12th Jan 18, 4:14 PM
    • 55Posts
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    letspretendforaminute
    Divorce and inheritance assets.
    • #1
    • 12th Jan 18, 4:14 PM
    Divorce and inheritance assets. 12th Jan 18 at 4:14 PM
    Iíll be starting divorce proceedings soon, amicably and would like to make sure the wife receives a share of my future inheritance (50%), obviously iíd like to do this in the most tax efficient way, staying married is not an option so itís not going to be simply a transfer between spouses and I hope my ageing mother stays with us for many, many years.

    My wife and my mother have never seen eye to eye (dreaded mother-in-law-syndrome) so itís not simply a case of asking her to amend her will. With the agreement of my siblings (one is executor) can I go against her wishes and divide my share (anticipated to be £150-175k) as I see fit?
    Last edited by letspretendforaminute; 12-01-2018 at 4:16 PM. Reason: Adding K
Page 1
    • Comms69
    • By Comms69 12th Jan 18, 4:20 PM
    • 2,970 Posts
    • 2,939 Thanks
    Comms69
    • #2
    • 12th Jan 18, 4:20 PM
    • #2
    • 12th Jan 18, 4:20 PM
    Iíll be starting divorce proceedings soon, amicably and would like to make sure the wife receives a share of my future inheritance (50%) - who says you'll get an inheritance? , obviously iíd like to do this in the most tax efficient way, staying married is not an option so itís not going to be simply a transfer between spouses and I hope my ageing mother stays with us for many, many years. - You can gift as much as you want, to whomever you want. There's no such differential as transfer between spouses.

    My wife and my mother have never seen eye to eye (dreaded mother-in-law-syndrome) so itís not simply a case of asking her to amend her will. With the agreement of my siblings (one is executor) can I go against her wishes and divide my share (anticipated to be £150-175k) as I see fit?
    Originally posted by letspretendforaminute


    Once you have your money you can do as you wish.


    BUT you must not, or more specifically the executor MUST NOT go against the wishes. Serious (criminal) sanctions could be applied
    • letspretendforaminute
    • By letspretendforaminute 12th Jan 18, 4:48 PM
    • 55 Posts
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    letspretendforaminute
    • #3
    • 12th Jan 18, 4:48 PM
    • #3
    • 12th Jan 18, 4:48 PM
    There is a differential within marriage if I die within 7 years thereís no tax chargeable on my estate as it effectively belongs to her (transfer of assets between spouses) outside of marriage however (when sheís my ex) a potential tax liability is generated.

    I say Iíll get an inheritance, thereís £900,000 of assets (including the house) and a generous pension income that is increasing her savings by £10k per annum (I.e above outgoings) if I didnít get an inheritance then thatís one less problem but for now Iíd like to see where I can go before splitting my own (not insignificant assets) when we complete the paperwork.
    • Tom99
    • By Tom99 12th Jan 18, 6:37 PM
    • 2,253 Posts
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    Tom99
    • #4
    • 12th Jan 18, 6:37 PM
    • #4
    • 12th Jan 18, 6:37 PM
    When you get your inheritance you can sign a deed of variation giving whatever sum you like to your ex. It will not then form part of your estate even if you die the next day.
    • HampshireH
    • By HampshireH 14th Jan 18, 1:56 PM
    • 702 Posts
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    HampshireH
    • #5
    • 14th Jan 18, 1:56 PM
    • #5
    • 14th Jan 18, 1:56 PM
    Just out of interest. If your wife were to remarry would you still want her and her new partner to receive it?

    Are you looking to draw up some kind of legal document as part of the divorce to promise this to your then as wife? Or just keep it to yourself for now and it will be a nice surprise later down the line if you choose to do it.
    • ska lover
    • By ska lover 14th Jan 18, 2:18 PM
    • 2,752 Posts
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    ska lover
    • #6
    • 14th Jan 18, 2:18 PM
    • #6
    • 14th Jan 18, 2:18 PM
    Gosh I find this strange.

    If by some misfortune, me and my husband were to divorce, I could not imagine wanting to give him 50% of my Dads hard earned estate, for him to share with a future wife / kids and be passed down the chain to his own family.
    The opposite of what you know...is also true
    • Seanymph
    • By Seanymph 14th Jan 18, 4:01 PM
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    Seanymph
    • #7
    • 14th Jan 18, 4:01 PM
    • #7
    • 14th Jan 18, 4:01 PM
    I'm sure that you mean this in the best possible terms at the moment, but it is probably one of those bridges that is best crossed at the time.

    If you and your wife have children then to gift it directly to your children, or put it into trust for them, would mean that if she has remarried then the money will remain with your children.

    You may find that you, in time, enjoy a new relationship with someone you love - you would then wish, presumably, to have the funds for you and your new partner to enjoy life in as stressfree a manner as possible - and would want to support your children (and any future children) directly.

    Things change, how you feel now may not be how you feel in, say, 10 years time.

    It does not pay to make any promises as part of a divorce settlement that may come back to bite you later - I tend to be a 'worst case scenario' kind of gal - and if your wife has remarried you could gift her 90k and two days later she could pass in an accident and the new husband could get the lot - bypassing any possible children's inheritance.

    For me retaining control of how I dispose of my assets means that I can make the right choices as time passes. (And I actually KNOW someone who had the above scenario - the entire estate passed to the new husband, who immediately cut contact with the lady in questions children and they never saw a penny of her property, estate, or her first husbands.......

    Be careful, tax liability may be the least of your concerns here.
    • pphillips
    • By pphillips 14th Jan 18, 9:02 PM
    • 261 Posts
    • 212 Thanks
    pphillips
    • #8
    • 14th Jan 18, 9:02 PM
    • #8
    • 14th Jan 18, 9:02 PM
    What about your wife's future inheritance, will you be getting 50% of it?
    • letspretendforaminute
    • By letspretendforaminute 15th Jan 18, 3:20 PM
    • 55 Posts
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    letspretendforaminute
    • #9
    • 15th Jan 18, 3:20 PM
    • #9
    • 15th Jan 18, 3:20 PM
    Thanks all for making good posts.

    My biggest conundrum is that I want my ex to be
    • letspretendforaminute
    • By letspretendforaminute 15th Jan 18, 3:28 PM
    • 55 Posts
    • 9 Thanks
    letspretendforaminute
    Thanks to everyone who made good posts so far. Ultimately, I!!!8217;d like to see my ex wife have sufficient capital to provide and income later on in life. We had two wonderful children together and being mature and sharing assets will in time reflect well on me. I am worried that she may meet someone else, marry/cohabit and die with her new partner effectively taking the inheritance out of our bloodline - yes I want them to receive our estate. Bypassing ourselves and making a deed of variation in their names (children) is also an anxiety as children or young adults they might do as I did with a large inheritance from my father... I spent it.
    • Caroline_a
    • By Caroline_a 15th Jan 18, 4:57 PM
    • 3,903 Posts
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    Caroline_a
    Inheritances like this will always cause problems. My dad decided it would be a good thing to leave his house to my DC. Only one of them! One was too young, he felt, the other when he wrote his will was having a bit of a wobble (has since matured, married, lovely family, good job). He never changed his will despite all the changes that happened that nullified his reasoning. Luckily my DC inheriting the house got a deed of variation on my dad's death and the house (after me) will be divided among them all.

    Things change, people change. Just leave things as they are for now or you may regret it, and it's very unfair to go against your mother's wishes too! Of course, if your mother needs residential care, any money will quickly vanish so the question may be immaterial.
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