Separating assets in older age while married?

[SilkStalkings]

Older married couple (not retired), considering potentially ‘Living Apart Together’ (or not separating but living in 2 separate properties.)
Looking at pros and cons of dividing and separating financial assets with an eye to potential inheritance tax, care home fees, capital gains etc. Eg better to buy properties as joint tenants in common or singly? What marital rights might be at risk? Any thoughts off the top your heads much appreciated.

There are pros and cons to both joint tenants and tenants in common. I always advise speaking to a STEP solicitor to understand the implications.

Sadly as I get older I have learnt that some people lose their moral compass when it comes to money and inheritance.

Tenants in common with a will granting a life time interest potentially makes sense for several reasons. It means if a surviving partner remarried or changed their will Your portion would still go to who you want. It limits the amount of assets for assessing financial assistance in the unlikely event one of you needs it.

Wills can give the pragmatic option of downsizing etc whilst preserving the % for beneficiaries. They can also specify responsibility for maintenance etc.

Think very carefully about who you choose to be POAs and executors.

You need proper tax advice if you want to avoid tax, particularly capital gains. While you are married, your primary residence for private residence relief is considered to be the same address even if you don't live together.