Splitting assets
Discussion
Can anyone offer any advice?
Two main questions.
1. Couple are separating and want to split their assets.
There isn't anything complex except one thing. Several years ago the in laws gifted some money.
I, ahem, I mean my friend, wants to give that money back to the other half.
Say the estate is worth £500,000 and the in laws gifted £50,000.
Does she get 250+50. So 300 and I get 200. Or does she get 250+25 (my half?) and I get £225?
Bit confused by all this. Tried to excel it but I cant fully figure out if I should give the full sum or if her "half" of the estate already has half of it in it? If that makes sense?
2. Is there a good / preferred way to record all this? I need to sell car, various physical assets, split up savings and what not.
Everything is 50/50 and there no debt etc so other than point 1 it should be simple?
Would rather not pay solicitors etc...
Two main questions.
1. Couple are separating and want to split their assets.
There isn't anything complex except one thing. Several years ago the in laws gifted some money.
I, ahem, I mean my friend, wants to give that money back to the other half.
Say the estate is worth £500,000 and the in laws gifted £50,000.
Does she get 250+50. So 300 and I get 200. Or does she get 250+25 (my half?) and I get £225?
Bit confused by all this. Tried to excel it but I cant fully figure out if I should give the full sum or if her "half" of the estate already has half of it in it? If that makes sense?
2. Is there a good / preferred way to record all this? I need to sell car, various physical assets, split up savings and what not.
Everything is 50/50 and there no debt etc so other than point 1 it should be simple?
Would rather not pay solicitors etc...
bluesandtwos said:
2. Is there a good / preferred way to record all this? I need to sell car, various physical assets, split up savings and what not.
Rather than sell the physical assets you might be better off if you both agree to a value and then one of you keep it in lieu of cash. i would suggest the car is probably worth more to you than the cash which you might get from selling it.I've not been married or been through any of this, but my advice would be to spend a bit of money on a solicitor. It sounds like it's an amicable decision which would arguably save some time (and therefore money?) but that way you know any agreement is binding in law and nothing will come back to bite you
bluesandtwos said:
So say its 500.
Take 50k and put in her account.
Then split the remain 50/50 so 225 x 2.
Thats the right way yes?
Yes.Take 50k and put in her account.
Then split the remain 50/50 so 225 x 2.
Thats the right way yes?
Did they both contribute equally to the upkeep and general input into the "estate"? Where houses are concerned, for example, this is at least as important as the end value.
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