On 22 Aug, 09:41, "John Smith" John wrote:
"john d hamilton" wrote in ...







"Mike" wrote in message
...
john d hamilton wrote:
Our son is soon to get a mortgage to buy his own flat and also expects to
get married in a year or so. We have seen others having the unfortunate
experience of loosing most of their savings after a divorce. *Since the
divorce rate is so high these days, we thought if I or my wife were put
down as 'owners in common' on our son's property deeds, then a future
spouse could 'not' walk off undeservedly with half of our son's property
value. Which would include his life's savings invested in the flat.

I am 65 next year and my wife is now 60, So I hope to make a claim for
the State Pension for both of us quite soon, which will be our sole
source of income.

But if we (my wife and I) are put down as *part owners* of our son's flat
on the title deeds, will that then be considered that we ourselves
actually 'own' half the substantial savings our son will invest in the
new flat? Because if this is the case, might it not considerably reduce,
or eliminate any State Pension that might otherwise be due to us?

SP is not means tested so savings and income are irrelavant, do you mean
Pension Credit?
Mike

Mike thanks for your response. *Yes, sorry that should have been Pension
Credit I was talking about. Perhaps I should mention that we do own our own
house and would not be living in our Son's flat.

This isn't an advisable thing to do. Ever. As it's based on an intended deception.

When you apply for Pension Credit you will be asked to declare your assets.

Supposing that prior to this your son has already gifted you a half share
in his flat. Regardless of your or his motives for doing so

If when applying for Pension Credit you don't declare your interest in this
flat, then you will be breaking the Law. If the matter ever comes to light
you will be required to pay back any Pension Credit paid, regardless of
the fact that you never actually owned any part of the flat at all.

Neither can you declare it, and claim that you don't actually own it, but that
should your son subsequently divorce you will then "pretend" that you owned
it all along.

Do you see my point ?

A possible intent to decieve cannot ever be used as a justification for
anything - certainly where dealing with Govt Departments is concerned anyway.

Your son will simply have to be more selective in his choice of partner
to share in the raising your grandchildren, I'm afraid.

JS



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On a more positive note, the number one cause of divorce is marriage.
Sure, can get a pre-nup agreement. Which some would consider an insult
and others wonder about how long the marriage will last.
And yes, some marriages last a lifetime. Even if they never come back
from the honeymoon. Or reach 75+ years of marriage.

Your son will take a risk. You could always buy a property sharing
with him and later any new wife. I don't recommend it, in laws under
your feet can be quite stressful on a marriage. Yours and his.
Or can simply let him take his own risks. He has more options
available than you do.

Martin