protecting property investment against divorce

[ClubMan]

Re: protecting proerty investment against divorce

In fairness I'm not religious so marriage is unimportant to me. However it can often be important for women...which is why I suspect most men get hitched in the first place

Neither am I or my wife but marriage is important to us for a variety of reasons other than religious/spiritual.

 

[Gabriel]

Re: protecting proerty investment against divorce

If the lucky-woman-to-be claps eyes on this thread, she may take a chunk out of something else!

Right now there is no lucky woman to be....not even an unlucky one.

Happy days!

 

[ClubMan]

Is there a lucky man then? I think that changes are afoot on the same sex marriage if that's of any iterest to you.

 

[Gabriel]

Is there a lucky man then? I think that changes are afoot on the same sex marriage if that's of any iterest to you.

No...no lucky man either. Not my cup of tea but thanks for asking.

But I do actually think same sex marriages should be legal.

 

[DrMoriarty]

I still remember the day I got thrown out of Religion class for venturing that priests should be allowed to get married — but only if they really loved each other...

 

[RainyDay]

I still remember the day I got thrown out of Religion class for venturing that priests should be allowed to get married — but only if they really loved each other...

Excellent....

 

[badabing]

Amusing trivia folks.....but can we get back to the topic?

 

[onekeano]

Re: protecting proerty investment against divorce

Personally, I think we should change the law in this regard. If you own an asset prior to marriage you should keep it. Assets that are built/bought during the marriage should be split.

But then you'd have all those rich women marrying us, abusing us and then throwing us on the scrapheap when they've had their wicked way with us

Roy

 

[Corolla97]

I agree with Gabriel about retaining assets held prior to a marriage in the event of a breakup provided that there are no children involved.
This is particularly so where there might be an age gap between the parties and the older one might have had time to build up considerable assets ( e.g. property or pensions ).
If both parties are in say their early twenties this might not be so important.

 

[Observer]

Contrary to popular belief (and as expressed here on this thread!) assets do NOT become commonly owned on marriage. Both partners can continue to hold and, indeed, acquire assets entirely in their own name during a marriage.

However, (there's always a however!) in the event of divorce/judicial separation, all or part of either spouse's assets can be transferred to the other spouse if the court deems it appropriate to do so. In practice, one of the factors the court will consider is which spouse paid for the asset in the first place.

Also, the Family Home is somewhat different. If it is not jointly owned, the non-owning spouse is deemed to have an interest in it, and it cannot be disposed of (or mortgaged or rented out) without that spouse's consent.

But neither the Family Home nor any other property automatically become joint property on marriage.

 

[Purple]

I didn't know that Observer, thanks.

 

[sudden]

hi,
i seem to be going in the other direction-my wife is a stay at home mum with no assets (apart from her great beauty,of course) and has no income-so we are thinking of tranfering a property or two onto her name so as to bring her income up towards 20k a year,when we file jointly that should allow us to earn up to 64k at 20% tax,.
see- having a spouse can be useful!!!!

sudden.

 

[DrMoriarty]

How nice — aesthetically pleasing and tax-efficient...

 

[sudden]

care must be always taken when choosing a spouse as a tax investment vehicle-
falling interest rates could mean the loss of your house ........etc etc


sudden

 

[DrMoriarty]

She reads this, you'll be losing more than your house!

 

[Observer]

...so we are thinking of tranfering a property or two onto her name so as to bring her income up towards 20k a year,when we file jointly that should allow us to earn up to 64k at 20% tax,.
see- having a spouse can be useful!!!!

sudden.

Yes, this is a particularly tax efficient way of organising your affairs and I'm suprised it doesn't feature more prominently in the typical "tax tips" articles in the papers. And transfers of property between spouses are free of stamp duty and CAT.