Discussion:
Property assets
(too old to reply)
g***@tiscali.co.uk
2008-08-13 13:02:14 UTC
Permalink
I am a director of a Ltd company earning a very modest salary.

I do however own investment property of approx £300k (mortgage £100k)

I am worried after my ex took the shirt of my back 6 years ago she
feels I should be
giving more which I cant possibly afford.She has seen the value of the
buildings I own rocket in value!!

If she applies for a variation order then these assets could be taken
into account.

Does any one know a way of protecting these assets without me selling
or transferring
them to a trusted person?

Thanks
Claire Rand
2008-08-13 16:43:57 UTC
Permalink
Post by g***@tiscali.co.uk
I am a director of a Ltd company earning a very modest salary.
I do however own investment property of approx £300k (mortgage £100k)
I am worried after my ex took the shirt of my back 6 years ago she
feels I should be
giving more which I cant possibly afford.She has seen the value of the
buildings I own rocket in value!!
If she applies for a variation order then these assets could be taken
into account.
Does any one know a way of protecting these assets without me selling
or transferring
them to a trusted person?
Thanks
I don't think the buggers can touch a fixed asset, they can take thier
cut of any income its earning, but if it sits there earning value they
can't touch it. I'm not 100% but I don't think they can touch it when
you sell it, since its not regular income (this may not apply if you
don't live there though).

in general it seems if you are taxed on it, they can get a cut. but
sitting on something that goes up in value they can't touch, since its
not cash
Fletcher
2008-08-15 12:55:35 UTC
Permalink
CSA can only assess you on income, so if you get rent from the property then
they can include that but they can't touch the property or charge you
because it has value.

Presumably you have no legal connection to your ex i.e. your not still
married to her? Maybe you never were if not she has no claim. If you are she
may well have.



<***@tiscali.co.uk> wrote in message news:68a73019-edd6-4dd9-ada9-***@j22g2000hsf.googlegroups.com...
I am a director of a Ltd company earning a very modest salary.

I do however own investment property of approx £300k (mortgage £100k)

I am worried after my ex took the shirt of my back 6 years ago she
feels I should be
giving more which I cant possibly afford.She has seen the value of the
buildings I own rocket in value!!

If she applies for a variation order then these assets could be taken
into account.

Does any one know a way of protecting these assets without me selling
or transferring
them to a trusted person?

Thanks
g***@tiscali.co.uk
2008-08-19 08:56:34 UTC
Permalink
The ex has not worked since we split 9 years ago.The investment
property was owned by both of us
and when we split I bought the building from her by way off a massive
mortgage and lived on my office floor i was that skint!!.

The ex never worked from the split living on the chunk of money she
had recieved. Last year she had run
out of money and duly signed on benefits. Then the gastapo became
involved and cut my child payments ( based on my income) by half.

Under CSA rules she only recieves £10 per week from the payments I
make the rest going to the government (discusting)

She seem very vindictive towards me since she is pissed off with the
low amount I now pay and subsequently been making waves with
the csa about the fact I have lots of assetts

The csa contacted me the other day and want to know the value of these
buildings

I have heard the csa can treat property assets like cash in the bank
working at 8% of the asset which is then treated as income
(this excludes though property which is your main residence)
Fletcher
2008-08-19 09:46:34 UTC
Permalink
I'm not aware that CSA can treat property as cash, the fact you own property
does not mean you have the income to pay them more money. I seriously doubt
it though because lets say Mr x was willed a properly valued at 10 million
pounds and had a very normal job and wage. If it were true they could charge
him 8% he'd be valued at more than his income! but I have no real knowledge
on this subject however it has been discussed by others.

I think you'll find that their interest is in any rental income from the
properly. However if you sell it then they might want a slice of not the
capital but any interest you'd accrue on that capital as that would be
income.



<***@tiscali.co.uk> wrote in message news:44d68847-2aef-433c-98d5-***@r66g2000hsg.googlegroups.com...
The ex has not worked since we split 9 years ago.The investment
property was owned by both of us
and when we split I bought the building from her by way off a massive
mortgage and lived on my office floor i was that skint!!.

The ex never worked from the split living on the chunk of money she
had recieved. Last year she had run
out of money and duly signed on benefits. Then the gastapo became
involved and cut my child payments ( based on my income) by half.

Under CSA rules she only recieves £10 per week from the payments I
make the rest going to the government (discusting)

She seem very vindictive towards me since she is pissed off with the
low amount I now pay and subsequently been making waves with
the csa about the fact I have lots of assetts

The csa contacted me the other day and want to know the value of these
buildings

I have heard the csa can treat property assets like cash in the bank
working at 8% of the asset which is then treated as income
(this excludes though property which is your main residence)
Muggins
2008-09-07 06:57:59 UTC
Permalink
As far as I'm aware you made a legally binding deal, you bought her
out fair and square so that is end of that story otherwise ex couples
who bought each other out of properties in a divorce would be coming
back years later as house prices have risen, its not the case.

You have had an assessment based on income, you owe no arrears so what
you own is nothing to do with her. If you owed her in arrears then
fair enough she's a right to be annoyed about you owning property but
you dont.

Maybe suggest she gets a job then she will receive ALL the payments
you make and not just 10 quid ;)

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