Blog by Savita Sharma
The phrase a “gift is a gift” is often used across many platforms about the nature of something that does not change regardless of circumstances.
A gift in most instances is given with love with no “strings attached” and given freely without expectation of receiving anything back such as wedding gifts.
But in the context of relationship breakdowns recollections vary on the true intentions or purpose of those gifts when given during the marriage.
As family lawyers we regularly advise separating individuals and family members on how the Courts perceive gifts, family loans, valuable family heirlooms and inheritances upon separation. In addition, we also provide advice how Courts consider interests in family wealth or businesses where cash and assets are given to individuals in the context of marital breakdown.
Family members who are generous or financially shrewd by taking advantage of tax initiatives can have unintended consequences for separating individuals, the impacts of which vertebrates through the immediate and extended family.
The English courts have been clear over the last few decades that individuals are entitled to fair sharing of available property generated through the marriage. The Courts are regularly identifying assets as matrimonial and non-matrimonial property when considering how these properties are eventually shared upon separation.
The Courts have now significantly strengthened the protection of pre-marital wealth, inherited assets, and independent gifts given during the marriage, making it more difficult for a spouse to claim a share of non-matrimonial wealth unless it was explicitly integrated into everyday married life over a sustained period or there was clear intentions to share those assets and to benefit from them.
So, if you are contemplating gifts to loved ones upon marriage, have already done so, or provided loans or you are contemplating your position upon separation where assets maybe non matrimonial seeking advice from a specialist family lawyer is the best way to ensure you receive clear, accurate and practical guidance before taking any steps. This area has become more complex,
and our matrimonial team will be able to provide advice tailored to your specific circumstances, helping you make informed decisions about the future with confidence and clarity. Please contact our specialist family lawyers on 020 7935 3522.