How can I help my dad?
Discussion
Long story short, my step-mum has left my dad (conveniently just after he has bought a new house and spent a not insignificant amount of money doing it up for them to move into).
Its probably only going to be a matter of time until she gets solicitors involved, which will then (I assume) mean that she will get at least half of everything - despite not having paid a penny for anything since they met.
They have no children together, but she does have 2 grown up children from a previous relationship.
They have been together for about 15 years, and in that time she has been in a significantly better lifestyle than she was before she met dad, what would be the chance that a solicitor would make out that she has become accustomed to a certain quality of life & make dad pay accordingly? (I am assuming that's the 1st thing they will try and do?)
Is there any way that I can buy things off him (Cars, property) etc at well below market rates so his assets are a lot less? or is that illegal?
This must be a fairly common occurrence, so I'm hoping that someone might be able to help!
Thanks in advance.
Its probably only going to be a matter of time until she gets solicitors involved, which will then (I assume) mean that she will get at least half of everything - despite not having paid a penny for anything since they met.
They have no children together, but she does have 2 grown up children from a previous relationship.
They have been together for about 15 years, and in that time she has been in a significantly better lifestyle than she was before she met dad, what would be the chance that a solicitor would make out that she has become accustomed to a certain quality of life & make dad pay accordingly? (I am assuming that's the 1st thing they will try and do?)
Is there any way that I can buy things off him (Cars, property) etc at well below market rates so his assets are a lot less? or is that illegal?
This must be a fairly common occurrence, so I'm hoping that someone might be able to help!
Thanks in advance.
From what I understand, you won't be able to buy stuff off him for significantly less than market vale, (a touch maybe - mates rates 
), without someone waving a red card at you or your dad. For you, you may be hit with some kind of capital gains tax thingy if you flog it on and you'll dad will still be hit for marketable value pre-sale so even if he knocks a 500k house out to you for 300k he'll still have to stump up 250k to ex-missus. You'll be the only winner there which isn't what you want. Oh, and if you own a house already then you'll be hit with capital gains if you sell it.
Let's hope for your dad's sake that he has an amicable relationship with her post-split which means she won't try and bone him for everything he holds dear. If he has some personal stuff he couldn't bear to be without, (family heirlooms etc), then he could gift them to you to keep her away from them and neither of you would be liable. (2 year old Mercedes SLRs aren't considered heirlooms by-the-by).
), without someone waving a red card at you or your dad. For you, you may be hit with some kind of capital gains tax thingy if you flog it on and you'll dad will still be hit for marketable value pre-sale so even if he knocks a 500k house out to you for 300k he'll still have to stump up 250k to ex-missus. You'll be the only winner there which isn't what you want. Oh, and if you own a house already then you'll be hit with capital gains if you sell it.Let's hope for your dad's sake that he has an amicable relationship with her post-split which means she won't try and bone him for everything he holds dear. If he has some personal stuff he couldn't bear to be without, (family heirlooms etc), then he could gift them to you to keep her away from them and neither of you would be liable. (2 year old Mercedes SLRs aren't considered heirlooms by-the-by).
Yes they are married - about 9/10 years I think.
The really annoying thing is that she had a "wobble" a couple of years ago and threatened to leave him (they had just bought the house, but it was a shell and needed an awful lot of work doing to make it liveable, let alone the trinket filled chav-palace it has now become).
Its just truly gash that she can do bugger all work, and then take (at least) half of everything that my dad has worked his b
ks off for.
The really annoying thing is that she had a "wobble" a couple of years ago and threatened to leave him (they had just bought the house, but it was a shell and needed an awful lot of work doing to make it liveable, let alone the trinket filled chav-palace it has now become).
Its just truly gash that she can do bugger all work, and then take (at least) half of everything that my dad has worked his b
ks off for.- Hypothetically speaking*
Edited by brockovrs on Thursday 18th October 20:48
I am probably wrong but isn't there something about her only being entitled to half of gains made since they came together/became married?
OBVIOUSLY advice from fun forum people isn't as good as advice from a proper divorce specialist solicitor.
But it's not just as simple as 'woman marries well-to-do man, decides she's off and cleans him out on the way out the door'.
OBVIOUSLY advice from fun forum people isn't as good as advice from a proper divorce specialist solicitor.
But it's not just as simple as 'woman marries well-to-do man, decides she's off and cleans him out on the way out the door'.
groak said:
I am probably wrong but isn't there something about her only being entitled to half of gains made since they came together/became married?
OBVIOUSLY advice from fun forum people isn't as good as advice from a proper divorce specialist solicitor.
But it's not just as simple as 'woman marries well-to-do man, decides she's off and cleans him out on the way out the door'.
Dad will be seeking "proper" advice too, but I was hoping to get any tips from people that have been through a similar thing.OBVIOUSLY advice from fun forum people isn't as good as advice from a proper divorce specialist solicitor.
But it's not just as simple as 'woman marries well-to-do man, decides she's off and cleans him out on the way out the door'.
I didn't know about the tax free gift thing, so that'll be useful!
What have you got to lose! buy his car for peanuts and get him to drive around in a shed until sorted, same for anything valuable, any savings get him to buy something from you. If it goes wrong you still have it all to give him back.
I hate people like this. Hope it works itself out to the good!
I hate people like this. Hope it works itself out to the good!
Maxf said:
This isnt going to be popular... and pains me to say (as a man), but if they've been together for 15 years and married for 10, then she probably deserves *something*! Its not like it was a marriage of 6-months, after a whirlwind romance.
Don't get me wrong, I agree. I don't like the woman (never have, but thats a different issue) and my dad has no problem with her getting *something* - its just that as soon as solicitors get involved, no doubt they will go for the full on trying to shaft him.raptor600 said:
manitou said:
I believe a parent is allowed to legally "gift" their children £3000 a year tax free hth 
You can gift as much as you want legally tax free - not just £3k!The only time you would have to pay tax is if the parent dies within 7 years of a gift over £3k.
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