Deed of trust - worth it?

[Ynox]

Currently buying my first property. We have an unequal split in the deposit where I'm chucking up circa 90%, my fiancee, 10%.

Usually I'd think a deed of trust to cover this would be worthwhile. That said - I'm getting married to my fiancee some 2 months after we complete.

From my limited research it seems as if the deed of trust would cover me once we're married, at least until a significant-ish amount of time has passed, or we have children.

In this case, what do people think? Cost is roughly £200 to get the document written up.

[whoami]

What does your very-soon-to-be-wife think of this?

[Ynox]

She actually suggested it.

I can't help but feel it's not particularly worth the money and it's money I'm better off chucking into getting a good will made up. That said, st does happen!

[whoami]

Is it 100% recognised in law (if anything bad happens) post marriage?

[soprano]

You can set out the beneficial ownership of the property in the TR1 when you purchase the property. I think it's section 10 from memory. Once you are married, if you divorce the courts can make whatever decision it deems fair. It seems you already appreciate that what is fair will depend entirely on the situation. If you separate after a year with no children it will be completely different than if you separate in 15 years and she is the main carer for 3 small children.

Forgot to say the Land Registry have introduced (since 2007 I think) form JO for the same purpose.

Edited by soprano on Friday 3rd April 08:20

[Ynox]

Not entirely sure it's 100% recognised, rather that the courts would consider it.

Being somewhat realistic, I think it might not be the best bet right now given marriage is so soon! It's £200 towards getting a good will made up. which is far more important!

[soprano]

Ynox said:

Not entirely sure it's 100% recognised, rather that the courts would consider it.

Being somewhat realistic, I think it might not be the best bet right now given marriage is so soon! It's £200 towards getting a good will made up. which is far more important!

What is not recognised sorry? If you fill the TR1 and form JO correctly it is an express declaration of trust as to the beneficial ownership of the property. The documents are recognised. The difference is that once you are married, if you separate and divorce, within financial remedy proceedings the courts can make any property adjustment order it deems fair under the Matrimonial Causes Act. Fairness will depend on the duration of the marriage, children and a great many other factors.