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Division of assetts .

  • Rednirus59
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18 Feb 08 #14307 by Rednirus59
Topic started by Rednirus59
Hello,

I am already divorced for 4 years and now thinking of getting married again. I have two children from my first marriage. One never learns as they say!

Before getting married I am buying a house. My new partner has two children from her marriage.

My concern is, in my new scenario, if things go pear shapded will I lose the same as before? Is all my assetts before my second marriage safe or does my new partner have rights to assetts before and after marriage.

Also what are my responsibilities to my prospective two step children?

Appreciate any advice.

Thnx,

Rednirus 59

  • DownButNotOut
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18 Feb 08 #14316 by DownButNotOut
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Rednirus,

You are wise to be thinking about this before re-marrying.

I would like to be able to advise that you sign a pre-nuptual agreement, but these are not legally binding in the UK. However, may still be worth thinking about as the court may (if things go tits up!) at least take it into consideration as showing your joint intent as you entered the 2nd marriage.

You current assets are not protected as you enter your second marriage.

If you divorce within the first couple of years of the new marriage you should escape with your assets largely intact. If however, you last 5 or 10 years into the new marriage and then divorce - I am afraid you will discover that those assets (once belonging solely to you) have over the course of the marriage gradually become 'joint matrimonial assets'.

There is less need for concern if you new wife to be is a financial equal to yourself...i.e. if she has her own assets and an equal earning capacity to yourself.

If she is not equally wealthy then at least if she is (and can be in future) financially self sufficient then you are limiting your liability.

But if you are wealthy in terms of assets or earning capacity and you marry someone with no assets and low earning capacity.....you are risking financial losses if you divorce at some later point.

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