Divorce-assets-step parent help!

[MatildaCat]

Hi, wondering if anyone can help or point me in the right direction for advice?

My parent remarried 2 years ago. They lived in their own house for many years before the new spouse moved in. New spouse lived there for a few years before they married but the house remains in my parents name.

There are other assets that were obtained around the same time as the marriage but I'm not 100% sure if they were pre or post marriage (or whether that matters).

They have written mirror wills where they will each inherit everything from each other. Both have children though and have discussed and agreed that the surviving spouse should gift most of the others assets to their children, in a bid to avoid inheritance tax. Ie if my parent dies, their spouse will inherit house, money etc and gift 75% of my parents assets to my sibling and I. My parent will do the same in reverse. Does that make sense? I've never been massively comfortable with this set up as my sibling and I would rely on the goodwill of step parent.

Very sadly, they have decided to separate and probably divorce. My parent has more capital/assets than step parent. What will happen? Is step parent entitled to 50% of everything in divorce? Is there anything my parent can or should do to protect their money?

It's all fairly amicable at the moment but may not stay that way and it's making me quite anxious. I should add, I have a good relationship with step parent but tend to worry and catastrophise!

Thank you

Bump! I wrote this with paragraphs but they've disappeared. Could really do with some input!

You need proper legal advice here. Has the ex step parent put any money into the house at all? My understanding is that it’ll be split 50/50 during a divorce unless there’s a pre nup

I think the most urgent thing is for them both to write a new will, each leaving everything to their own DC. If one of them died before the divorce was finalised, it sounds like it could be a very messy situation.

In the case of such a short marriage with no common DC, it is unlikely that assets will be split 50/50. Your parent should see a solicitor and talk it through together.

Thank you both very much. As far as I know, my step parent hasn't put any money into the house. I spoke to them yesterday and they were saying 'I know my rights and I shouldn't have to move out'. It left me feeling quite uneasy. My parent is in a bit of a head spin at the moment and I don't want to rock the boat telling them to sort their wills out but seems like it should be on their minds to at least.

So you’re worried about your losing your inheritance speak to your parent, you clearly don’t even know details!

Yes Lucille has it. Get a new will sorted ASAP. A short marriage will usually not result in splitting into halves. Get a legal appointment soon.

Yes, I'm worried about not inheriting what my parent intends to leave me. Is that a problem?

As others have said, first thing for your dad to do is change his will - easily done and means you are protected. Even after the divorce, if anything were to happen to him with that will in place, she would inherit.

Divorce will take longer and a solicitor can advise on likely divisions of assets.

How long were they together/married? That's the first place to start when considering splitting the marital assets. Shorter marriage is more likely to mean each takes out what they put in. Is the house in both names? If joint how was ownership established on purchase?

Firstly he needs to change his will to secure his share, and your inheritance.

This is none of your business, much less a whole thread with wanky gender neutral terms because you think anyone will give a toss if this is about your mother or father. The assets are not yours. They need to proper professional legal advice and change their wills if they are so inclined.

Yes they need to change their wills ASAP. Also it is a short marriage so doubt it would be 50 50 if it went to court but it depends on how much they are fighting over if it comes to that. He really needs legal advise.
I totally understand where you are coming from, parent marries again later in life, new spouse inherits everything despite the wishes of the deceased parent who wanted to leave her estate to their children

My feelings echoed by pp. Just comes across as grabby. I hope my parents spend every last penny living life to the full, I certainly don’t watch what they spend.

Thanks to everyone for the advice. They've lived together appx 5-7 years or so, married for two. Don't share finances as far as I know. Both own properties other than the one they live in, which is owned by my parent. I'll speak to them when the dust has settled a little to find out what they want to do. The two posters implying I'm grabby, saying it's not my business etc. I'm not sure what the purpose of your comments are. I'm not watching how they spend their money, I've been included in lengthy discussions about their wills and so it's been made my business. I think most people who have been told they will inherit would want to prevent their inheritance going to someone who wasn't intended to receive it. No? Maybe I am a grabby, gender neutral wanker though, se la vie.