Getting shares changed over to drop sons from ownership
- Thread starter handyandy
- Start date
If it happens to be that a Prenup (or binding financial agreement) is one way of protecting things, but (one of?) the partners are not happy about signing, that would be ringing alarm bells for me.
If a Prenup is a good idea, perhaps your sons just need to bit the bullet and tell their partners that it is YOU who is insisting on them. Would that help?
If a Prenup is a good idea, perhaps your sons just need to bit the bullet and tell their partners that it is YOU who is insisting on them. Would that help?
We're dealing with grown ups here, I don't think telling your fianceé that 'my mum made me do it' is going to work....we're not 10 years old.
I wasn't thinking of wording it "quite" like that
.What about telling the partners that the parents are insisting on ensuring that the family business stays in the bloodline, explain that should the marriage work it will be just as if they haven't signed anything, but it protects the family business to a degree, and safeguards the financial future for any children of the relationship.
It is not ideal, and I wouldn't have liked it if I had been asked to sign a prenup, but honestly, if I knew I was marrying into "money" it is not like I would have been surprised about it. If this causes a bust up, then how good was the relationship?
Maybe ask these partners if they would understand if they had wealthy parents would they understand their parents wanting to protect them from losing a huge chunk of "family" money in the event the relationship fails.
If nobody wants to talk about the "yucky stuff" then you just have to face the reality if things turn to custard.
... and yes, I have spoken to my son privately and also he and his partner together about him needing to protect what he brought to the relationship. It wasn't particularly comfortable, but we are all grown ups and all know the percentages of relationships that fail...
expected inheritance.....wow...i might get married now...
her inheritance will be very large.
now to stick around for 30 yers or not........
you get less for murder.
her inheritance will be very large.
now to stick around for 30 yers or not........
you get less for murder.
No one plans to get divorced. My reaction whenever someone says 'Oh, it's not a problem, we plan to be together forever.' is 'Yeah sure, so does everyone else. But you (the individual) don't get to control how the other person feels over time.'
With silly crap like no-fault divorce and other ridiculous legislation designed to shift assets from the wealth makers to the wealth takers, marriage is a giant gamble - and I ain't Kenny Rogers!
Agreed, I just got engaged.
Fortunately we have built our little egg together and the parents are gobbling theirs up like it's easter so nothing to worry about!
Any sensible person with some foresight should plan for divorce because the odds are high it will happen. Maybe not in a few years but usually within 7-9 years (the 7 year itch). As Terry says, divorce is the cost of doing business (marriage) so you should budget 60-70% of your assets to be taken, especially if you're a guy. But at least you had some loving, right?
And sometimes plan on losing 100% of your assets like some women I know... but let's not start that old chestnut again
.Yeah, something like 60% of marriages today will end in divorce. What's the point?
If you're getting married then plan for divorce.
It's interesting to see people cling to the 'average' divorce rate (which varies depending on age of marriage, level of education, work background, etc) to cite the risks of getting into a relationship, and yet we all consider ourselves better than the average and able to avoid the risks when it comes to investing? Why is it that we brave sledgehammer-wielding tenants, capricious banks, a hostile legal environment, apathetic PMs, thinking we can somehow make a go of it, when so many people fail?
If you plan to bring a child into this world there's a 100% chance that he or she will end up dying, so what's the point?
Alex, investment risk can be mitigated. It's never completely 100% in control of the individual, but you line up all the information and take a calculated risk. However in marriage, there is one major aspect that is *always* completely out of one's control.
That aspect being the emotional state of the person you married. A rental property doesn't ask for a divorce because it's 'unhappy' and wants to run away with your best mate, taking most of what you spent years building.
That aspect being the emotional state of the person you married. A rental property doesn't ask for a divorce because it's 'unhappy' and wants to run away with your best mate, taking most of what you spent years building.
On a long enough time timeline the survival rate for everyone drops to zero but at least you lived and loved. Better than being a rock.
With marriage, you can also assess all the information and take a calculated risk. The problem is that people marry purely on emotions without any objective assessment. No different from people who buy off the plan because the display home is really shiny. Sure, people change, but property foundations shift as well. You can't control 100% of it, but by doing SOME objective assessment (living with that person for a while, putting yourselves into certain situations, assessing how they react to things) I believe one has a better chance of beating the odds.
Don't forget marriage is only half the story. Most people don't marry these days and just enter, sometimes unintentionally, defacto relationships.
Some also have mistresses and/or menstresses which may also qualify as a defacto even though someone is married. Under the NSW Succession Act it takes this into account. So if you are separated but not legally divorced, or you have a lover on the side then take care.
Some also have mistresses and/or menstresses which may also qualify as a defacto even though someone is married. Under the NSW Succession Act it takes this into account. So if you are separated but not legally divorced, or you have a lover on the side then take care.
