Pre nuptial agreement

[rainsbow]

Just after some advice about doing a pre-nup. I'm not after a backlash about how seemingly unromantic this is, this is about protecting myself and my kids in the future should we get divorced.

In a nutshell, im 29 and I'm fortunate to own a large property mortgage free. This is solely in my name. Df and I are getting married in the autumn. If we broke up, will marital law automatically give him a share of my house despite not contributing to the purchase and the fact that it was bought outside marriage? Rightly or wrongly, that seems morally unfair and unjust to me. I want to ensure that if we broke up, that no claim can be made on my house.

Has anyone done a pre nup and can advise?

The partner would need to have gained an interest through e.g. Paying rent or homemaking with a child. Just getting engaged doesn't give you property rights.

It is a promise which he could have relied upon to his detriment - for example by giving up his home and moving into hers with the expectation of marriage.

In this example, which is the one we are talking about, engagement may confer an interest as they have a child and I assume they are living in said house already.

this is the actual legislation in section 2 of the Law of Property (Miscellaneous Provisions) Act 1970:

"“2. Property of engaged couples

(1) Where an agreement to marry is terminated, any rule of law relating to the rights of husbands and wives in relation to property in which either or both has or have a beneficial interest, including any such rule as explained by section 37 of the Matrimonial Proceedings and Property Act 1970, shall apply, in relation to any property in which either or both of the parties to the agreement had a beneficial interest while the agreement was in force, as it applies in relation to property in which a husband or wife has a beneficial interest.”

Section 37 of the Matrimonial Proceedings and Property Act 1970 being:

“37. Contributions by spouse in money or money’s worth to the improvement of property

It is hereby declared that where a husband or wife contributes in money or money’s worth to the improvement of real or personal property in which or in the proceeds of sale of which either or both of them has or have a beneficial interest, the husband or wife so contributing shall, if the contribution is of a substantial nature and subject to any agreement between them to the contrary express or implied, be treated as having then acquired by virtue of his or her contribution a share or an enlarged share, as the case may be, in that beneficial interest of such an extent as may have been then agreed or, in default of such agreement, as may seem in all the circumstances just to any court before which the question of the existence or extent of the beneficial interest of the husband or wife arises (whether in proceedings between them or in any other proceedings).”"

It really doesn't. That doesn't generate a beneficial interest. I'm not saying he doesn't have one, I have no idea if he does as I don't know whether he's paid in anything or how they function as a family, but engagement alone does nothing.

I dont think you should get married OP but see if the solicitor has any advice.

Yes... contributes money... like I said...

It includes money contributions.

Anyway, OP has a solicitor's appointment so she'll get the necessary advice.

"In which either or both has a beneficial interest" including the provision in s37 MPP

Yes offred, but the other has to contribute money or money's worth. We don't know if he has.

A promise to marry on which someone relies to their detriment may confer an interest to the extent the court considers just in property of the couple as with married couples.

You have to be very careful with relationships where you are much much wealthier than your partner, if your priority is keeping hold of everything that is yours.

Especially if you live together, have children, get engaged or married.

If you are cohabiting and especially if you cohabit and have a child the courts are increasingly recognising forms of contribution conferring entitlement where they previously only considered financial or improvements to the property in the past.

This is due to the explosion in cohabiting couples.

Keeping all money separate can establish no intention to share costs though but you have to ensure you never ever do anything that indicates you may want to share.

Co owning with your parents is likely to have cgt implications for their estate.

Or if they into care you might have the council looking into depravation of assests ( dependimg on ages etc i guess)

In reality a premup may protect you for the first few years. In 15-20 years time, he'll be entitled to and will almost certainly feel entitled to 50%. Maybe that far down the line it wont mattet to you.

Sorry, re depravation of assets, wrong term as they still have the assest. But either way you could get lumped with a big care bill.

Co-owning with parents who are old enough to be grandparents is ill advised for IHT purposes. They too should get their own legal advice.

TBH, I'm not sure it's worth the hassle for 700k. It'd be way way cheaper to not get married and to be very clear about finances as a cohabiting couple (including fiancé putting money into a home of his own).

Another wondering... Why do you want to get married, OP?

Have you managed to see a solicitor? It would be interesting to know what they advised. I'm sure other posters may find the information useful themselves too.