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Ring fencing assets in marriage

(7 Posts)
JeepersBeepers Thu 16-Feb-17 08:13:09

I'm getting remarried soon. My house was purchased using my divorce settlement and a mortgage. My DP is selling his house to move in and will have over £100k in savings. I've read that his savings would not become a marital asset provided they don't go into a jointly held account.

Is there anyway to similarly protect my asset, my house? I've read that it would become a marital asset if we live in it when married but it seems unfair that savings can be ring fenced when held as cash etc.

We are both ok with him buying into my house but in the event of a split that risks my DC losing their home. I would much rather keep my house safe for them if possible. Can this be done legally?

prh47bridge Thu 16-Feb-17 08:58:53

I've read that his savings would not become a marital asset provided they don't go into a jointly held account

If he keeps his savings separate they can easily be traced and identified. He could then argue that he should be able to keep them in the event of divorce. However, his savings would be regarded as an asset of the marriage to be taken into account in determining the financial settlement. The primary concern of the courts if you cannot agree finances between you is that the assets are distributed fairly. If that is not possible without dipping into his savings he will not be able to keep all of them.

The fact that the house is your contribution to the marriage will be taken into account in determining the financial settlement. If it turns out to be a short marriage he may be able to keep his savings and you may be able to keep your house. If it is a long marriage it is less certain.

If you are concerned you could consider entering into a pre-nuptial agreement with him. The courts will not automatically follow the agreement but they will take it into account in determining the split of assets.

Creampastry Fri 17-Feb-17 06:19:16

Do a deed of trust

WeAreEternal Fri 17-Feb-17 06:59:14

Have a prenuptial agreement drawn up.
We did to ensure future inheritance would not become marital assets.
20 years later we are still very happily married and thankfully my parents and some of my GPs are still with us, I have received some inheritance from my GM passing and I was happy to put that in the family pot but i still think the prenup was a good idea.
If my parents were to pass we would inherit a considerable sum inc family property, and while I'm happy for money to be shared I would not want to be forced to sell property that has been in my family for generations if we divorced.

Thankfully DH fully understands my POV and has never been unhappy with the agreement.
I'm fairly certain my parents will include him in their will separate to DS and I as the do love him and think of him as a son anyway.

babybarrister Fri 17-Feb-17 09:29:09

do a prenup but be aware that there is NO GUARANTEE that any assets - yours or his - would be ring fenced - particularly after the effluxion of time

if in doubt - do not marry!

peggyundercrackers Fri 17-Feb-17 11:16:07

i think it depends where you are in the country, Scotland may have different rules to England for eg.

babybarrister Fri 17-Feb-17 14:40:13

Yes Scotland is different to England and Wales

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