How would you safeguard your property in the event of a split with your other half.

[Dave Hounddriver]

On 2/3/2019 at 7:16 AM, sonjack2847 said:

I have heard of another expat who built a house and 5+ apartments.He has now split with his girlfriend and fears he has lost it all.

Funny thing that.  I know some who lost it all, some who lost nothing, some who spent a fortune in legal fees and got a win, and others who spent a fortune in legal fees and lost anyway..  Depends on so many things.

Best advice is:  Be prepared to walk away, remember that your mileage will vary from the next fellow, make preparations with the other half before the shite hits the fan and the most important of all:  Keep in mind that so many who give advice end up not taking their own advice and losing the lions share (but often do not tell us that part unless we know them well).

[sonjack2847]

10 hours ago, Dave Hounddriver said:

Funny thing that.  I know some who lost it all, some who lost nothing, some who spent a fortune in legal fees and got a win, and others who spent a fortune in legal fees and lost anyway..  Depends on so many things.

Best advice is:  Be prepared to walk away, remember that your mileage will vary from the next fellow, make preparations with the other half before the shite hits the fan and the most important of all:  Keep in mind that so many who give advice end up not taking their own advice and losing the lions share (but often do not tell us that part unless we know them well).

What I am thinking of doing is putting the rentals in my daughters name and holding them in trust so (hopefully) if anything did happen I would still have somewhere to live.All of the money I have invested SHOULD ultimately end up belonging to my daughter.

Yes Dave we don`t get to hear enough or the whole story just a snippet or what sounds good.

[Gary D]

7 hours ago, sonjack2847 said:

What I am thinking of doing is putting the rentals in my daughters name and holding them in trust so (hopefully) if anything did happen I would still have somewhere to live.All of the money I have invested SHOULD ultimately end up belonging to my daughter.

Yes Dave we don`t get to hear enough or the whole story just a snippet or what sounds good.

Take a close look at the hereditary laws in the Philippines to be certain  it would work how you expect. Not is all as we would expect as a foreigner.

[hk blues]

1 hour ago, Gary D said:

Take a close look at the hereditary laws in the Philippines to be certain  it would work how you expect. Not is all as we would expect as a foreigner.

Off the top of my head, children have some form of precedence over spouse?

[Kuya John]

10 hours ago, sonjack2847 said:

What I am thinking of doing is putting the rentals in my daughters name and holding them in trust so (hopefully) if anything did happen I would still have somewhere to live.All of the money I have invested SHOULD ultimately end up belonging to my daughter.

Money Money Money

My Dad always told me never bet more than you can afford to lose!

Kev; I can't speak for the Philippines, and I would dread to feel that my daughter would do such a thing, but I have heard of people in the UK handing over the rights ( home ) to their children to avoid inheritance tax on it, only to be kicked out their homes later!

Edited February 5, 2019 by Kuya John

[sonjack2847]

I am thinking that what we have will be left to my daughter but held in trust by me and mum then I don`t actually own it so would it stop me being homeless in the future.

[sonjack2847]

1 hour ago, Kuya John said:

Money Money Money

My Dad always told me never bet more than you can afford to lose!

Kev; I can't speak for the Philippines, and I would dread to feel that my daughter would do such a thing, but I have heard of people in the UK handing over the rights ( home ) to their children to avoid inheritance tax on it, only to be kicked out their homes later!

Yes mate bad people all over the world.

[hk blues]

2 hours ago, Kuya John said:

Kev; I can't speak for the Philippines, and I would dread to feel that my daughter would do such a thing, but I have heard of people in the UK handing over the rights ( home ) to their children to avoid inheritance tax on it, only to be kicked out their homes later!

At least here it's someone else's children kicking you out instead of your own!

Seriously though, surely that happens once in a blue moon?  Who would kick their parent's out of their own home - Yes, some families are less than stable but if the parent went to the effort of helping them avoid inheritance tax their relationship must have been ok?  I have heard of cases where people sign over their home to avoid losing benefits etc but that's by choice.

[GeoffH]

1 hour ago, hk blues said:

Seriously though, surely that happens once in a blue moon?  Who would kick their parent's out of their own home

 

My aunt signed her home over to one of her children.  Later on the child married, later they got in financial trouble.  Then they divorced... the partner claimed half of the house which was then sold against the wishes of the mother and the child and both were forced to move out.

Each case is obviously different but it can happen.

 

The aunt ended up living in a transportable unit with no child there and no house.

 

Edited February 5, 2019 by GeoffH

[hk blues]

1 hour ago, GeoffH said:

 

My aunt signed her home over to one of her children.  Later on the child married, later they got in financial trouble.  Then they divorced... the partner claimed half of the house which was then sold against the wishes of the mother and the child and both were forced to move out.

Each case is obviously different but it can happen.

 

The aunt ended up living in a transportable unit with no child there and no house.

 

I guess that's a scenario that could be more common than I imagined.