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, Solicitor
Category: Law
Satisfied Customers: 33953
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

My wife and I have been separated 20 years but never divorced

Resolved Question:

My wife and I have been separated 20 years but never divorced ( no plans ) but she would like to sell the marital house that we hold as benificial joint tenants and move on to buy a new home with the proceeds. I propose to complete a land reg trf with no claim on any funds BUT we are both worried about any Capital gains. Is there exposure ? How can we avoid / minimise this ? The house was bought in 1985 for £46K and valued at £319 currently. Really appreciate any help as we are both confused.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** I shall do my best to help you.Do you intend to stay married and will the new property be held in joint names/Clare
Customer: replied 1 year ago.

Hi Clare,

Really appreciate some help here. Lets just say we have continued to defer any action on a Divorce. The new property will be 100% in my ex wifes name. Effectively she has lived there for 20 years as her own and I want her to have some freedom to do what she wants. I have in effect gifted her my share ( or thats what I think we are doing ? )

Expert:  Clare replied 1 year ago.
Hi
Do you need to have main residence relief on any other property?
Clare
Customer: replied 1 year ago.

Now you've got me !! In addition to the marital home she has lived in alone for the last 20 years I rented for 10 years and the last 10 have an apartment in my name ( of exactly the same value ). Sorry Clare hope this helps build the picture. In simple terms and in our own way we just want to keep life simple and each do our own thing. This is only influenced by me still being part owner and us wanting to minimise any exposure to taxes. Paul.

Expert:  Clare replied 1 year ago.
Hi
Thank you for that - do you anticipate selling your property in the near future?
Clare
Customer: replied 1 year ago.

That really depends. I may if there are no implications but IF there is exposure then I will defer any such action. I just want to try and get it right. At the end of the day we were thinking we have a choice. Either we just sell the marital home as a couple and she keeps the proceeds (or) we go the transfer route. As I say - I just want to try and get it right. We are not trying to avoid what needs to be done - but we don't want to make any costly mistakes.

Expert:  Clare replied 1 year ago.
My apologies for the delayIt should be possible to avoid a CGT bill at all - and there are a number of ways that you can achieve this.One option to take is the relatively straightforward one of your simply giving the proceeds to herThis is based on the fact that in the absence of a Divorce or a Separation agreement the HMRC will in fact consider that you are still "living together" despite the physical factsIf you "living together" in the eyes of the HMRC then any gifts between you do NOT attract CGT.The alternative is to Sever the current beneficial joint tenancy that you almost certainly hold the property under and instead own in as Tenants in Common in unequal shares with you taking a five or ten per cent share bring your "gain" within the annual allowanceEither will workYou can read more herehttps://www.gov.uk/government/publications/husband-and-wife-civil-partners-divorce-dissolution-and-separation-hs281-self-assessment-helpsheet/hs281-husband-and-wife-civil-partners-divorce-dissolution-and-separation-2015I hope that this is of assistance - please ask if you need further detailsClare
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
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

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.co.uk/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.co.uk/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.co.uk/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.co.uk/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.co.uk/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.co.uk/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.co.uk/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice