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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11271
Experience:  30 years as a practising solicitor.
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We got married in Scotland just over two years ago and

Customer Question

Hi, we got married in Scotland just over two years ago and we currently live here. We are still together and there's no talks of divorce yet but things are gradually going to a wrong direction.
So from my point of view I would like to know in advance where I would stand in terms my financial situation if it comes to divorce. Below is a brief explanation of my current situation:
- We don't have a joint account.
- We live in a rented property.
- I have two properties under my name that I bought well before the marriage and that are being rented out. Would those properties be treated as a joint asset?
- I'm a business owner and I have a limited company where I'm 100% shareholder and my wife works for a company as a part time employee and gets a salary (admin and book keeping role). She is also a full time student.
- There's ten of thousands of pounds in the company's bank account. Would that be treated as joint assets? Also, what about the estimated share value of the company?
- In my own personal savings account I have tens of thousands that were paid to me by the company as dividends a year or so ago while we were married. Would this be treated as a joint asset?
-What about any cash savings in my personal account, are they all treated as marital assets, no matter of the source of that income?
Thanks.
David
Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.
Thank you for your question.
I think this may be a duplicate of a question from yesterday but if you need my help please let me know.
Customer: replied 1 year ago.

Hi, one more thing, do you think it would be a good idea to put all the assets into a Trust - especially the properties? Would it provide with additional protection and "fencing" from it being considered as a nuptial asset?

David

Expert:  JGM replied 1 year ago.
The properties are not matrimonial property anyway but subject to taking specialist tax advice, a trust is a good way of ring fencing assets, yes. Please check out the accountancy and tax implications, however, especially in relation to cash and company assets.
Customer: replied 1 year ago.

Thanks!

Expert:  JGM replied 1 year ago.
Your welcome.

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