Pinoy adventure
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If you are married all assets are considered jointly owned.
not suggesting that it will happen in this case, but were the couple to divorce, all assets are considered as part of the 'pot'.Says who?
It is 1 property.yes it’s the family home and it will be put into both names.Hi Pinoy
Are you talking about one or more properties?
If it's the family home, you may as well put it in both names.
If it's not the family home, then you probably should not involve your wife if you are paying for it in full.
Brendan
@DannyBoyD would it be 50% shares for both husband & wife ?not suggesting that it will happen in this case, but were the couple to divorce, all assets are considered as part of the 'pot'.
having an asset in one spouse's name doesn't mean its solely theirs.
there might be a good tax reason for having it in one name (IANATE); but it doesn't remove the asset from the 'pot' should they separate / divorce.
@Zobeda would you have any idea if purchasing sibling needed advice from an accountant in the above scenario??This from last year and year before. 5 siblings inherited the old family home in equal shares.
One sibling offered to buy the others' shares, and the offer was accepted.This is where we might diverge as the value of the property when divided by 5 didn't exceed any beneficiaries' CAT allowance.
I, as executor, instructed one solicitor, and sibling (& spouse) instructed another.
The transfer went smoothly and when closing time came the purchasing sibling's Solicitor forwarded 4/5ths of the consideration along with a letter previously agreed between the Solicitors outlining that the shortfall was the purchasing sibling's benefit from the sale.
IF I'm correct, (IANAL) the only tax due in terms of it being an inheritance would be payable by the OP if the value of the inheritance exceeds their personal allowance.
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