Assets - how to split.. what's included

[SeperationSally]

I understand marital assets is 50/50 split (no kids involved.

What about assets owned before the relationship & marriage?

For example I was gifted some jewellery (very valuable) as a teenager. I'm now being asked to get this valued as part of the settlement? Surely this can't be right?

Also, my parent has signed there house over to me, for tax/inheritance purposes. I haven't lived there. Havent paid a penny towards it. Will this be included in my assets? Will I be forced to sell and make my parent homeless?

Yes, absolutely everything you own

Go and get a very good solicitor....all assets are included. Good luck

Marriages is a financial and legal arrangement, not just a romantic one. We had to ‘endow all our worldly goods’ or words to that effect when we got married

Yeah all assets included. Unfortunately, if parents hand over their assets to children to try to avoid paying care fees then losing 50% of this due to their child divorcing is a risk they take.

How much is your jewellery worth?

I'm not sure what the jewellery is worth. Probably 10K plus, combined for the lot. It's more sentimental though. Just feels off that something I owned/was gifted so many years before marriage is being gone after.

This has always been a huge risk if you sign over your house, was it discussed when they did it?

All assets are in the mix but if you’re in England it’s not necessarily a 50:50 split

it's more sentimental though - yeah I guessed that. Take it into 3 separate jewellers and get valuations for selling it and use the middle one to value it. You won't have to sell it, you can offset the amount from one of the other assets if that makes sense.

So there's your house and your jewellry. What other assets are there? marital home? pension? savings?

@SeperationSally don't panic too much yet. My exH had to get inherited jewelry valued, but then it's value wasn't taken into account. Chattles or possessions seldom are, and inheritance can be left out too in many circumstances. You stay have to value it though.

For the house, you'll need legal advice and to establish that your parents are the true beneficial owners of the house. That's not a simple topic, and the fact you own it may be taken into account in several different ways. Oy a solicitor or barrister can advise on your exact circumstances.

It's also possible your ex won't want a share of these assets of he's a decent person.

Have you discussed this with your ex? Surely he has enough moral scruples not to take your parents home?

Have you asked him if he really wants you to have your jewellery valued?

This also assumes that the marriage is relatively long, and you have generally mixed together your finances. In a shorter marriage you wouldn't expect to do this.

Pardon my ignorance, but if things are amicable with your ex, can you agree that those are yours and leave them be?

We're at the early stages of our talks, hoping to keep it to the kitchen table. If we agree that what's his is his and what's mine if mine, is that okay? Or will someone else come along and tell us we cant?

Yes you can agree but get it legally drawn up as a clean break

Get the jewellery valued by auctioneers for sale price not insurance value- it will be buttons (jewellers will charge you a % of their valuation so incentive to value higher, and they work on insurance value not sale)

My parents did the same around 20 years ago and my STBXH tried to get it included but couldn’t because of the way it was gifted. I think it’s in a trust......and so the ex can’t have it included.
He was not happy because he’s determined to take everything away from us.

From memory I was asked if any individual items, jewellery, furniture etc. had a resale value of over £500, anything less wasn't considered to be an asset.

Your ex can't prove you own any jewellery surely?

The 50:50 split applies to a long marriage so it depends how long you've been together.

But yes in broad terms all assets are included unless, as others have pointed out, they are held in trust. Get very good legal advice and inspect the means by which the property has been gifted to you. It might be protected if its held in trust.