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Clare, Solicitor
Category: Law
Satisfied Customers: 35045
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My fiancé has considerably more financial assets than me and

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My fiancé has considerably more financial assets than me and two grown up children, which he and I genuinely wish to provide for in the future. On our marriage, as a childless woman, I would want to leave my assets to him /his children. We have talked somewhat vaguely about life interests for me; future trusts for them; assets being set aside for them as we start to build up money from our business together. He owns a two bedroom, attractive period property with a lucrative rental yield which has been 'ring fenced' for him and his children, so in the event of a divorce I would have no claim on this and it is a way of guaranteeing some monies for them.
My future mother-in-law (with whom I get on very well, but is naturally very protective of her son) recently gifted a six figure sum to my partner. This gesture has not left her financially vulnerable in any way. He is a very skilled business man and together we are keen to develop a property business, while I continue to work as a part time supply teacher. I acknowledge that without his expertise and know-how, I would not be able to enter this arena of business. He is keen to invest in a number of rental units.
My question is whether his stance is USUAL in these circumstances. His position is the following. He feels he must take a charge on each deposit that comes from his mother's money. Even though she has told him verbally, 'the money is yours', he feels strongly that she would absolutely not condone the idea of it being used for anything other than his (and by extension his children's) benefit, and must not be put at risk (in the event of us divorcing.) With protected charges in place, our investment properties may be purchased as tenants in common, but never 50:50. For the first property, he has suggested a ratio of 65:35 in his favour. I feel that going into a marriage it would be more usual to have at least 50:50, and in fact, the idea of taking a charge against all of the other monies may NOT be the norm in a marital arrangement. I am asking for an objective, 'what is the norm' view on this, as we have agreed not to discuss these private financial matters with friends or family. Many thanks.
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
For clarity - the properties will be purchased using the money from his mother as a deposit but the rest being on a joint mortgage is that correct?
Customer: replied 3 years ago.

Hi Clare,

Yes a joint mortgage.

Also the monies came via his mother's gift was via a house which has been re-mortgaged (to less than half its value) and my name is ***** ***** mortgage, 99% to him; 1% to me. This was necessary in order to obtain the mortgage.

Customer: replied 3 years ago.

To be clear, it would be a 'Tennants in Common' arrangement, Clare.

So hi smother gave him a house.
This was then mortgaged by the pair of you together.
How is this mortgage being paid?
Customer: replied 3 years ago.

He will be making all the payments; my name is ***** ***** mortgage because this was the only way 'we'/he could release equity. The house is in his name. Many thanks.

Will the payments come from the rent on the properties?
Customer: replied 3 years ago.

Well my partner is making the payments himself - he has monies at his disposal from the gift from his mother. Currently there are two rental properties in his name - the aforementioned 'riingfenced' property plus one other and those rents go into his account.

Obviously it is up to you and your partner what financial arrangements will underpin your relationship - but I have to say that the approach taken by your partner is on the face of it one which negates any concept of the marriage being a joint venture.
You have already agreed that his old home should be entirely protected for the children, and it appears that there is a clear agreement that the house that was gifted to him will remain his.
It therefore seems almost mean for him to argue that he should have a larger percentage of all the properties.
It is also misguided.
The simple fact is that unless there is a Pre or post nuptial agreement the courts have wide powers within divorce proceedings to reallocate the assets in any way that they think fair.
I hope that this is of assistance - please ask if you need further details
Clare and other Law Specialists are ready to help you