inherited money

[proudpaws]

Hi I was wondering if anyone could help me. I inherited some money just before my husband and I decided to split up, can you tell me if he is entitled to any of this money please?? the money was in my name only.

 

cheers

 

S

[brokebutnotbeatn]

You both have to produce a financial statement and mediate a financial settlement. Yes this money will form part of that discussion.

[proudpaws]

a customer of mine has just had the same thing happen and her solicitor told her if the money was left to her then it was nothing to do with her husband.

[citizenB]

Has the money been released from probate ?

[brokebutnotbeatn]

Your financial needs and his will be assessed according to your circumstances. Its a 2-way street (regardless of the grounds for divorce). Pensions, income needs, needs of children, assets - all have to be taken into consideration. Now, you and your husband might come to a perfectly amicable and acceptable financial settlement that doesn't include this money - I assume he doesn't know about it then?

[steampowered]

I imagine that would not usually constitute a marital asset, and hence not subject to redistribution on divorce. But it is relevant to your financial position and therefore is relevant to what kind of asset split is fair in the circumstances. For example, you are less likely to be able to argue that you should be allowed to stay rent-free in a joint-owned house if you have enough money to house yourself.

[proudpaws]

yes the money came to me 4 years ago and we split up 3 years ago, I paid him with this money and he bought another place. we still haven't done anything about getting divorced, its all amicable and he knows everything about my financial position. it was just this conversation today with a lady who is just going through the same thing and her solicitor said that money is hers as it was left to her only. its just confused me as I think I may have now given my ex too much. My house is paid for in full, there is no mortgage.

[steampowered]

It sounds like you ended up with the house, so I guess you did get something for the money?

 

Its probably best to finalise the divorce. As you are happily living separate lives hopefully it can be done quickly, amicably and cheaply.

[proudpaws]

the thought of a divorce scares the c**p out of me. and no idea how much it will cost either. will they try and tell me I have to give him even more money?? all so scary

[honeybee13]

Hello proudpaws.

 

Have you seen a divorce specialist about this? It sounds to me as if it might resolve things for you. Most firms will see you for an initial half hour interview without charging, so can see if they would be able to help you or if you would want to work with them. You could see two or three in your local area.

 

That way, at least you will know where you stand instead of having it hanging over you. I wouldn't go by the advice the other lady has had, because everyone's case is different.

 

To find a divorce specialist, you can look on the Law Society website for firms in your area, or the CAB may have contacts. But I would speak to specialists only.

 

A simple divorce shouldn't be expensive, especially as the financial side seems more or less resolved. You could ask this at the exploratory meetings too.

 

My best, HB

[brokebutnotbeatn]

Co-op are offering a fixed price. It's quite straightforward. Any family law firm will be able to help you. GL.

[proudpaws]

can I just get a divorce and we sort the financial bit out ourselves? all we wanna do is make if official. we made the split 3 years ago.

[honeybee13]

Hello again.

 

I could be wrong, I thought to get divorced, the financial part had to be sorted out. I still think it's worth taking professional advice, it doesn't have to cost a fortune.

 

HB

[honeybee13]

This is from the government website, with a link to the CAB. My bolding.

 

Arrange your own divorce

 

You may be able to arrange your own divorce without involving solicitors if you agree on:

 

• the reasons for a divorce
  
• how you’ll look after any children
  
• how you’ll split up money, property and possessions
  

If you agree on these things beforehand, you won’t have to go to a court hearing, and the divorce paperwork should be fairly straightforward.

https://www.gov.uk/divorce/overview

HB

[brokebutnotbeatn]

The judge will still ask about financials and I believe a financial statement is still required. The advise is never proceed to Absolute without the financials being agreed. This to protect both parties. If you agree and the judge can see no co-coercion is involved it should go through smoothly. You must (should) engage the services of a family law solicitor who will word the application and court order with regards financials appropriately. It shouldn't cost a lot.

[brokebutnotbeatn]

I should add that you wlil get a court order as to the financial arrangement and this should include a phrase that stops either party from inheriting after death. It's quite straightforward but advisable to get the sols to draw up the wording. I did a DIY divorce but still got the necessary wording from a solicitor for the court order.

[fletch70]

You need to divorce with a financial settlement in place. If you do a quickie DIY job with no financial settlement then should one of you inherit in the future the other may have a claim against that bequest

[citizenB]

This thread is now in "General Legal Issues"

 

It is purely an administrative move.