How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
13262538
Type Your Family Law Question Here...
Clare is online now

Hi My husband and myself are going through a difficult time

Resolved Question:

Hi
My husband and myself are going through a difficult time at the moment and it is likely that we will separate. About 6 years ago my father gifted shares in the family business to me. The shares are now in my name. Would these assets be classed as non marital assets?

Alternatively as the shares are in my name and we have not started divorce proceedings could I gift them back to my father?
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How long have you lived together and are there any children involved.
What other assets and debts are there and how much are the shares worth?
Clare
Customer: replied 3 years ago.

married ten years with two children aged 8 and 12. No debts or mortgage.


 


Our house is valued at 300000, that was paid for by a cash gift by my father. The shares are worth about £100,000. I also own half a property company that is valued at 250,000. Again gifted by my father whilst we were married.

Expert:  Clare replied 3 years ago.
Hi
What other assets are there?
What income do you each have?
How much does a two bedroom property in the area cost to buy?
Clare
Customer: replied 3 years ago.

my income is a small salary of £650 per month as well as dividends of £1400 per month from the family business, i.e the shares.


 


My husbands income is £2000 per month and he is self employed.


I have about £2000 in a cash isa and about £10,000 in a personal pension.


 


A two bedroomed house costs about £150,000 but ideally I would want a three bedroom, cost about £200,000 as my eldest child is a girl and needs her privacy

Expert:  Clare replied 3 years ago.
Hi
Do not worry - it was your husband's housing needs I was considering!
For clarity - does your husband have any assets in his sole name?
Clare
Customer: replied 3 years ago.

No

Expert:  Clare replied 3 years ago.
Hi
Yours is a medium length relationship which has produced two children - however it appears that all the assets were in fact gifted to you (and your husband?) by your father
The Family Court will take this into account when deciding how the assets should be divided
There is no point in transferring any assets back to your father at this stage - it would simply antagonise the court who will simply treat the asset as though it was still in your name.
Given the source of the assets I would expect the court to wish to see that your husband's basic housing needs are met but then allocating the rest of the assets to you
On that basis a 50/50 share of the matrimonial home is the best that he is likely to receive - with you retaining the other assets
This can only be a rough guide at best - please ask if you need further details
Clare
Clare and other Family Law Specialists are ready to help you