Is there 7 year rule on giving house to children?
There is no 7 year rule. At a time when ALL Local Authorities are cash strapped, they will become increasingly vigilant. There are other more compelling reasons not to give the house to your children. If they get divorced or go bankrupt or even die, your house is part of their assets and who knows what might happen
When did my wife get half the house in divorce?
We lived together unmarried for approx. 9 years before buying our first home 4 years ago. But because her credit was bad we decided to leave her name off the title for the time being. We married a month or so after buying the home. Now we’re getting divorced and she wants half of everything including my retirement.
What happens to Fred and Wilma’s house if they get divorced?
It also avoids any issues with Capital Gains Tax and ensures that Fred and Wilma could sell the house and move to a different one if they chose. Even if one of the children got divorced or died, the assets are protected because they don’t belong to the children.
What happens if you bought a house before you were married?
If you bought the home before you were married, then it was your separate property acquired before marriage (although if some of her money went into the purchase, then she has a separate property claim to that money).
Who was the trust that sold my mother’s house?
Joe [Personal Information Removed] Executor of my mother’s Estate and Trustee to the Trust that Sold the house. May 31, 2019 4:51 PM Our Mother died and the Irrevocable Trust sold our family home that it has owned for 14 years. Proceeds were distributed to benefactors who pays the taxes on the income?
When did our step mother die and the condo sold?
The family condo was purchased by them for $450,000 and then his father died in 1985. His step-mother lived in the condo until she died and it recently sold for $1.6 M. Ater the cost of the condo sale, the net is approximately $1. 5M.
We lived together unmarried for approx. 9 years before buying our first home 4 years ago. But because her credit was bad we decided to leave her name off the title for the time being. We married a month or so after buying the home. Now we’re getting divorced and she wants half of everything including my retirement.
What happens to a home purchased before marriage?
A home that was purchased prior to the marriage and owned by one spouse is generally considered separate property and is not subject to division.