Mr Eastwood
Registered User
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- 27
This is not an easy situation or a decision you or your wife could have come to lightly of course.We have a will whereby everything goes to the surviving spouse, and that is going to remain in force by agreement of us both. As per the will instructions, all assets will pass to our children on the death of both of us
That absolutely would not happen. However I fully accept your advice is wise.so she would be exposed to a risk of you selling it without her consent.
Thanks for your thoughtful words. Yes indeed, it is a very painful decision.This is not an easy situation or a decision you or your wife could have come to lightly of course
That would certainly be top of our priorities. Both of us feel that when one of us dies, our assets are in safe hands with the surviving spouse, and will be safely passed onIf I read it correctly the main reason you are not divorcing is to take advantage of the spousal exemption for capital acquisitions tax, and therefore preserve wealth for your kids
I'm totally unfamiliar with this, will look it up in google. Will also look into the fair deal situationI wonder is a better solution judicial separation?
I'm totally unfamiliar with this, will look it up in google.
There are positives and negatives in doing so. If you have a high level of trust then that's a good thing and maybe better left alone.It avoids the stress of dealing with solicitors, who will no doubt recommend maximum protection for both of us.
The value of our existing house is about 4 times the value of the property I propose to purchase. If assets were to be divided equally it would mean selling existing house and buying two properties, something neither of us want, plus, it would be adding further stress to us. Or, my wife keeping existing house, me purchasing new property and keeping all the cash assets, that is also far from ideal. Even though she would have the larger half of the assets, she would be very cash poor.For my part, if you are financially autonomous, with own houses, and no longer dependent it might make more sense to end the marriage and have your kids inherit directly from you. It's not clear to me why you need the assets to go to the surviving spouse first before inheritance to your kids. If one of you passes away the other shouldn't need the other's house.
I'd be fairly certain that somebody is wrong. How old are you and your wife? I can understand this potential approach if you're both in your 70s but if not you've a lot of living yet to do and potentially further relationships that will complicate matters.Somebody has said to me that even though we will remain married, in the eyes of the state including revenue, we will be de facto not married. Any advice/thoughts on this would be greatly appreciated
Married people living apart and having separate finances is not at all unusual.Somebody has said to me that even though we will remain married, in the eyes of the state including revenue, we will be de facto not married.
Somebody has said to me that even though we will remain married, in the eyes of the state including revenue, we will be de facto not married. Any advice/thoughts on this would be greatly appreciated
But they wouldn't be maintenance payments as nothing is being formalised - there is no legal separation so it would just be money from husband to wife or vice versa so nothing to do with Income Tax liabilities.Just to sort income tax first...
The basis on which you would be assessable to income tax depends on whether or not there would be maintenance payments.
Perhaps you would clarify.
Incorrect.so nothing to do with Income Tax liabilities.
Are payments or asset transfers between spouses taxable in any way?Incorrect.
The Tax Acts distinguish between a couple living together and a couple living apart, regardless of whether the separation is informal or formalized.Are payments or asset transfers between spouses taxable in any way?
But to what extent would this impact the OP and his wife who wish to live apart but remain married?The Tax Acts distinguish between a couple living together and a couple living apart,
Hi Sophrosyne, to clarify, Our preferred plan is to remain married, My wife's pension and my two pensions are been paid into our joint account. Both of us have cash access to this account, and we have debit cards on that account. Neither of us would be reckless spenders, we are fairly equally matched in that regardJust to sort income tax first...
The basis on which you would be assessable to income tax depends on whether or not there would be maintenance payments.
Perhaps you would clarify
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