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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33809
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Can I leave my house in trust for my children without any prospective

Customer Question

Can I leave my house in trust for my children without any prospective husbands being able to lay a claim to it should the marriage break down?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 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.
May I ask how old you are?
Clare
Customer: replied 2 years ago.

Im 50 years old and have 5 children aged between 27 and 11.

Expert:  Clare replied 2 years ago.
Hi
When are you planning to get married?
Clare
Customer: replied 2 years ago.

No plans until I know where I stand financially.

Expert:  Clare replied 2 years ago.
Hi
Would your partner be willing to sign a Prenuptial agreement?
Clare
Customer: replied 2 years ago.

Probably but Ive seen articals in the press where prenups have been overturned in court.

Expert:  Clare replied 2 years ago.
Hi
Yes it is indeed still the case that a pre-nup is not necessarily binding in the Uk - but there are ways around it!
How much is the house worth - and is there a mortgage?
Clare
Customer: replied 2 years ago.

Around £250,000 and only a very small home improvement loan due to end in 4 yrs.

Expert:  Clare replied 2 years ago.
Hi
My concern is a simple one - the only way of being CERTAIN that a spouse can make no claim would mean your giving up control altogether which could lead to problems in the future if you wish to move (things change over the years) and would be costly in terms of both the costs of setting up a trust and administering it.
In addition the existence of the trust which benefits them could cause problems for your children within any divorce proceedings of their own.
May I ask how many of your children are under 18?
Clare
Customer: replied 2 years ago.

Two, but Im not concerned about them in this as they have a very wealthy grandparent on their fathers side and a trust fund set up.My eldest three only have what I have got in the property so Id like to level the playing field a little.

Expert:  Clare replied 2 years ago.
Hi
That could be helpful
Would you want all five children to share the property though?
Clare
Customer: replied 2 years ago.

No, just the eldest three

Expert:  Clare replied 2 years ago.
Hi
That will make things much easier
In that case you have three options.
The first is to have a Declaration of Trust drawn up now stating that your hold the Property on Trust for the children but that you have the right to live there until you die.
The problem is that once you are married if you use your funds to deal with repairs or improvements to the property that could give your spouse a claim on any increase in the value of the property that occurs within the marriage
However it has no other implications.
The second option is to Transfer the property to the children now, subject to your right to remain in the property so long as you wish to dod so.
Clearly your spouse will not then be able to make a claim - HOWEVER your children may have problems with Capital Gains Tax when the property is eventually sold - and the assets could also cause complications in the event of their death; divorce or bankruptcy
The third is to go the pre (and then post) nuptial agreement route.
Although this is not a guarantee - the courts can ignore them - provided there is full financial disclosure: both parties have separate legal advice and it is signed more than 28 days before the marriage then it has a good chance of success - and can be backed up with a Post Nuptial agreement in respect of which there is case law confirming that it is binding
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33809
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you Clare, that is really helpful and put my mind at rest.

Expert:  Clare replied 2 years ago.
Hi
You are most welcome I hope all goes well
Clare

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