Alternatives To a Prenup?
Discussion
Hi All,
So I will be getting married this year and I have a property which is mortgaged (just on my name) with a large chunk of equity within it that was gifted to me by my parents.
The go to to protect my rear end would be a prenup but due to (sigh) cultural reasons a prenup will go down like a lead balloon so is out of the question.
What options do I have to protect myself if the worst happens to transpire?
Thanks
So I will be getting married this year and I have a property which is mortgaged (just on my name) with a large chunk of equity within it that was gifted to me by my parents.
The go to to protect my rear end would be a prenup but due to (sigh) cultural reasons a prenup will go down like a lead balloon so is out of the question.
What options do I have to protect myself if the worst happens to transpire?
Thanks
vonhosen said:
Tenants in Common?
Marriage trumps this no?My view would to be to write a letter detailing the % share your parents contributed and that the letter states in the event of sale they have a second charge to the mortgage co. If signed and lodged with the solicitor pre marriage (ideally on purchase) you won't be accused of anything either.
In the event of a split the mortgage co gets repaid, your parents get repaid (what happens after that is irrelevant) and whatever is left is split by the divorce courts.
kiethton said:
Marriage trumps this no?
My view would to be to write a letter detailing the % share your parents contributed and that the letter states in the event of sale they have a second charge to the mortgage co. If signed and lodged with the solicitor pre marriage (ideally on purchase) you won't be accused of anything either.
In the event of a split the mortgage co gets repaid, your parents get repaid (what happens after that is irrelevant) and whatever is left is split by the divorce courts.
May have inheritance taxes issues for the parents perhaps... (Just something to bear in mind) My view would to be to write a letter detailing the % share your parents contributed and that the letter states in the event of sale they have a second charge to the mortgage co. If signed and lodged with the solicitor pre marriage (ideally on purchase) you won't be accused of anything either.
In the event of a split the mortgage co gets repaid, your parents get repaid (what happens after that is irrelevant) and whatever is left is split by the divorce courts.
Was the money gifted to you, or was it a loan?
If it was a gift then the money is yours, and there's no way your parents can claim a charge over the house for it. If it's a loan, then I hope you have paperwork to back that up as otherwise it's going to be very hard to prove. And in that case, were your mortgage company aware that the money you used to buy the house wasn't yours and will have to be paid pack to your parents? In any event they are unlikely to be excessively happy about somebody else taking out a charge again the property.
But beyond that, I'm rather old-fashioned and do have to agree with others that marriage is sort of a big deal, till death do us parts, what's yours is mine and what's mine is yours kind of thing. If you don't trust your wife-to-be enough to not run off with half the house then you probably shouldn't be getting married.
If it was a gift then the money is yours, and there's no way your parents can claim a charge over the house for it. If it's a loan, then I hope you have paperwork to back that up as otherwise it's going to be very hard to prove. And in that case, were your mortgage company aware that the money you used to buy the house wasn't yours and will have to be paid pack to your parents? In any event they are unlikely to be excessively happy about somebody else taking out a charge again the property.
But beyond that, I'm rather old-fashioned and do have to agree with others that marriage is sort of a big deal, till death do us parts, what's yours is mine and what's mine is yours kind of thing. If you don't trust your wife-to-be enough to not run off with half the house then you probably shouldn't be getting married.
The house was sold to me at the outstanding mortgage price and the equity gifted to me by my parents, not loaned.
Its falls below the IHT threshold per parents as both were on the deed.
I trust her completely to be clear, but I've witnessed some utter horror stories right in front of my eyes from people I didn't expect hence wanting to find out in the worst case scenario what can I do to protect myself.
Its falls below the IHT threshold per parents as both were on the deed.
I trust her completely to be clear, but I've witnessed some utter horror stories right in front of my eyes from people I didn't expect hence wanting to find out in the worst case scenario what can I do to protect myself.
I know you've said a prenup is out due to cultural reasons, though apparently Judges do give some weight to them in UK Courts:
https://www.acclaimedfamilylaw.co.uk/blog/guide-to...
Be fascinating if anyone comes up with the answer you're looking for, but my understanding as others have said is that marriage, yours is hers, till death etc. etc. kind of trumps everything, more so the longer it lasts.
I'm guessing your parents have doubts. Which I think shouldn't be a concern, they gave the money freely to you and should have considered all the possible outcomes.
https://www.acclaimedfamilylaw.co.uk/blog/guide-to...
Be fascinating if anyone comes up with the answer you're looking for, but my understanding as others have said is that marriage, yours is hers, till death etc. etc. kind of trumps everything, more so the longer it lasts.
I'm guessing your parents have doubts. Which I think shouldn't be a concern, they gave the money freely to you and should have considered all the possible outcomes.
If it goes down like a lead balloon I'd take that as a warning sign tbh. Whatever the cultural differences, one spouse is about to benefit significantly from the other's existing home ownership, and it would be a reasonable sign of good faith to agree to sign something to allow the other some protection should the relationship go South.
When I re-married, I had a few conversations with solicitors. They said for it to be of any value in a UK divorce, you'd really need to show that both parties had a decent amount of time to review and agree it having each sought proper independent advice. If you presented it at last moment as a condition of proceeding with an imminent marriage, it would hold no weight, as it would effectively be signed under duress. Something along those lines.
When I re-married, I had a few conversations with solicitors. They said for it to be of any value in a UK divorce, you'd really need to show that both parties had a decent amount of time to review and agree it having each sought proper independent advice. If you presented it at last moment as a condition of proceeding with an imminent marriage, it would hold no weight, as it would effectively be signed under duress. Something along those lines.
TheGreatDane said:
Hi All,
So I will be getting married this year and I have a property which is mortgaged (just on my name) with a large chunk of equity within it that was gifted to me by my parents.
The go to to protect my rear end would be a prenup but due to (sigh) cultural reasons a prenup will go down like a lead balloon so is out of the question.
What options do I have to protect myself if the worst happens to transpire?
Thanks
As this is your line of thinking then this marriage - or even letting your girlfriend/boyfriend move in & living together long term with them - is most definitely not a good idea.So I will be getting married this year and I have a property which is mortgaged (just on my name) with a large chunk of equity within it that was gifted to me by my parents.
The go to to protect my rear end would be a prenup but due to (sigh) cultural reasons a prenup will go down like a lead balloon so is out of the question.
What options do I have to protect myself if the worst happens to transpire?
Thanks
You can have a deed of understanding but that's basically just a pre-nup. I don't see how you can protect yourself unless she signs something and agrees to it, which surely amounts to the same thing. Assuming you remain married for a reasonable period, and both parties contribute to the marriage (e.g. work, look after the house, childcare if appropriate) then the starting point for a settlement would be 50/50 of all assets.
The simple answer is not to get married.
Getting married means that in the divorce the starting point for assets owned by both parties is 50/50. From the sounds of it you’d come out a lot worse if it was just that.
If you ended up having kids then you could easily find yourself turfed out and ultimately paying towards the house you’re no longer even living in.
That’s the reality I’m afraid.
Getting married means that in the divorce the starting point for assets owned by both parties is 50/50. From the sounds of it you’d come out a lot worse if it was just that.
If you ended up having kids then you could easily find yourself turfed out and ultimately paying towards the house you’re no longer even living in.
That’s the reality I’m afraid.
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