Hi,
First of all, I hope this thread is being made in the right section - it largely relates to seeking advice / suggestions for the best way to protect assets from primarily a) divorce AND secondarily b) minimising tax liability
If any one can suggest ideas, warn of pitfalls or recommend a good firm it would be appreciated.
Here's the background....
My siblings and I are all in our 20's and currently have just over £1m worth of properties (6 in total) and stocks / shares sitting in ISAs. Properties are in our individual names and none of us are yet married or have children. We have zero debt, no mortgages.
The current arrangement of doing annual tax returns for the property income works fine, while the income generated from shares held in ISA's are free from income tax so we're fine. However, what we have realised is that within the next 10 years or so we're likely to end up having an asset base of between £2-3m and also end up married. This brings with it two risks: increasing tax liability and the potential for some or all assets being brought into a divorce settlement. To complicate matters further, some assets are in joint names between my siblings and I, others are in 1 person's name.
What we'd like to do is setup a structure(s) that will a) protect our assets from potential divorce if one of us gets married and b) do so in a tax efficient manner.
The aim of the game for us to build a legacy with a view to eventually passing the assets to our not-yet born children. UK divorce rates are shocking & we'd rather get this wrapped up now before acquiring more assets.
PS. One final option I am considering is to either not get married (but rather have an informal ceremony) or get married overseas in a jurisdiction that recognises pre-nups. Not sure what the implication would be of then returning and living in the UK though if a divorce were to happen 10 years down the line.
Thanks in advance.
First of all, I hope this thread is being made in the right section - it largely relates to seeking advice / suggestions for the best way to protect assets from primarily a) divorce AND secondarily b) minimising tax liability
If any one can suggest ideas, warn of pitfalls or recommend a good firm it would be appreciated.
Here's the background....
My siblings and I are all in our 20's and currently have just over £1m worth of properties (6 in total) and stocks / shares sitting in ISAs. Properties are in our individual names and none of us are yet married or have children. We have zero debt, no mortgages.
The current arrangement of doing annual tax returns for the property income works fine, while the income generated from shares held in ISA's are free from income tax so we're fine. However, what we have realised is that within the next 10 years or so we're likely to end up having an asset base of between £2-3m and also end up married. This brings with it two risks: increasing tax liability and the potential for some or all assets being brought into a divorce settlement. To complicate matters further, some assets are in joint names between my siblings and I, others are in 1 person's name.
What we'd like to do is setup a structure(s) that will a) protect our assets from potential divorce if one of us gets married and b) do so in a tax efficient manner.
The aim of the game for us to build a legacy with a view to eventually passing the assets to our not-yet born children. UK divorce rates are shocking & we'd rather get this wrapped up now before acquiring more assets.
PS. One final option I am considering is to either not get married (but rather have an informal ceremony) or get married overseas in a jurisdiction that recognises pre-nups. Not sure what the implication would be of then returning and living in the UK though if a divorce were to happen 10 years down the line.
Thanks in advance.