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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34582
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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My wife and I are currently separated and are currently undergoing

Customer Question

My wife and I are currently separated and are currently undergoing the necessary steps towards getting a divorce. We have a tricky property situation. In May 2014, we contributed £200k towards obtaining a property(value £350k) for our daughter who had just graduated and was due to begin graduate employment in September 2014. As our daughter was unable obtain a mortgage, I obtained the mortgage under my name and the title deed is also in my name as my wife was also unemployed. We had a view to transfer the mortgage and deeds into our daughters name once she had worked for 6 months as per our mortgage providers recommendation. My daughter later fell pregnant, got married and then only worked 2 months through her graduate scheme and later started maternity leave in December 2014 and had her baby in March 2015. My daughter is due to commence employment next month so will be able to hopefully transfer the mortgage and deeds to our daughter in the upcoming months. My daughter and husband have lived in the property since June 2014, and now with their baby too. My wife and I separated in October 2014 and now upon disclosing finances- she claims to have a benenficiary interest in the property we obtained for our daughter. I would like to know if this property can be excluded from any financial settlement as this was intended for our daughter and my wife knew this was always the case.
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
HiThank you for your questionMy name is ***** ***** I shall do my best to help youWhat other assets are there and what stage of negotiation have you reached?
Customer: replied 2 years ago.
There are two other properties, one which has joint ownership with my wife and one in my sole name. We havent started any negotiations yet
Expert:  Clare replied 2 years ago.
Has your wife merely pointed out that she has an interest in the property (which she does)or has she actually said that she will want her share?
Customer: replied 2 years ago.
She has merely just pointed it out at the moment
Expert:  Clare replied 2 years ago.

Your wife is correct - this is an asset which must be taken into account as part of the settlement.

This does not mean that you cannot argue that the money has in effect already been "gifted" to your daughter

and your daughter could in fact argue that you are holding the property on trust for her.

Hopefully this will not be necessary

Please ask if you need further details