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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34276
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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Parents put their daughter on the deeds of their property for

Resolved Question:

Parents put their daughter on the deeds of their property for inheritance purposes only, the daughter is divorcing her husband. Can the parents ring fence their property to stop it being taken into account with the asset split, as it has no value for her until they die?
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.
Who is (are) the registered owner(s) of the property
How much is it worth?
Who lives there and is there a Declaration of Trust?
Clare
Customer: replied 3 years ago.

Hi Clare

The registered owners are the parents and daughter as tenenats in common.

Property is worth about £550K

The parents live in the property not too sure if there is a seperate declaration of trust!

Regards

Robert

Expert:  Clare replied 3 years ago.
Hi
That is helpful
I am afraid that the property does form part of the assets which the daughter has to declare within the divorce proceedings and there is nothing that can be done to prevent this
Clearly only her third share is relevant, and she will be able to show that this is not an asset which she can access.
The only point at which the parents may have to take action is if the husband tries to force their daughter to call for a sale of the property - at which point they will need to show that in fact it was a clear agreement that there would be no sale so long as they wished to live there
The fact that this money is ring fenced should mean that it'd only relevance in the settlement will be potentially to limit her share of joint assets to 50% - or for it to be offset against a pension
Please ask if you need further details
Clare
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