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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34510
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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i have a question regarding prenuptial finance. I have purchased

Resolved Question:

i have a question regarding prenuptial finance.
I have purchased a property in London for approx. £550000, in which £450000 was from my parents' own saving money, and £100000 was mortgage from back. However I have met a decent guy and we are planning to get married next year, in due course he will move in with me. Because it is a new flat and it is unfurnished at the moment, he proposed to pay for decoration part (e.g. buying furniture and etc.) However I am worrying that once we get married, in future if things happen (divorce), he automatically has the 50% share of the flat? That would be very unfair for me and my parents.

I am wondering if there is a fair way to protect my right, I wish at least the £450000 will not be a value he would share. Please let me know best way to deal with such problem.
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.
What is the agreement with your parents about how the equity would be shared between you?
Clare
Customer: replied 3 years ago.

Dear Clare:


 


Actually my parents did not mention about sharing, they knew I could not afford to purchase a property in London so they helped me as they wished I could get settled in London. At the moment the property is under my name.


 


I deem this property as part of our family's asset (between my parents and me) and thus wish to protect it from sharing with my future partner at maximum. i would like to know what lines I can write into an agreement that would be legal and appropriate? Do I need to draft an agreement with my parents and my partner?

Expert:  Clare replied 3 years ago.
Hi
If you have siblings have they given them similar sums?
Clare
Customer: replied 3 years ago.

I don't have any siblings. My parents only have me....

Expert:  Clare replied 3 years ago.
Hi
The simplest way around this is to draw up a Declaration of trust that confirms that you hold the property on behalf of your self and your parents with your parents being entitled to either the return of their investment - or a percentage the equity in the event that the house is sold.
This will ensure that their investment is safe but will also ensure that any financial contribution made by your new partner within your marriage will be reflected in any increase in the value of the property
I hope that this is of assistance - please ask if you need further details
Clare
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