ASK SHADE: Help! My husband buys assets in his name alone

ASK SHADE: Help! My husband buys assets in his name alone

Dear Shade,

My husband wants me to include his name on the documents of the properties I bought before we got married. I refused to. Now, he buys assets in his name only saying I started it first. What do I do? Should I ignore him? Or would you advise me to start buying my own assets in my name only or heed to his request for peace to reign? I’m confused.

Joy from Jos.

 

Dear Joy,

I appreciate you reaching out to me on this rather personal and sensitive subject.

Couples are at liberty to purchase property either individually or jointly, but it may be advisable to evaluate one’s matrimonial situation critically before making decisions on whether to purchase assets in one’s personal name or as joint owners with one’s spouse.

It is not an abominable act for spouses to purchase assets in their personal names. In Nigeria, the purchase of assets jointly by spouses could be interpreted to symbolize unity and synergy within a marriage and could increase the bond between spouses, thereby making them feel relevant to the other spouse.

Joint ownership of assets may also be considered as an estate planning option for many spouses, given that the surviving owner eventually ends up owning the asset, which may be utilized to catering for expenses as the need may arise, rather than having the assets frozen and unreachable. However, it is important to bear in mind that in the event of a simultaneous demise of both spouses, distribution of the jointly owned properties would be subjected to intestacy laws and may not reflect the true intentions of the owners.

I would therefore advise that you discuss your options with your husband and enlighten him on the estate planning benefit of joint ownership and the dangers of having sole ownership as the only plan. Other Estate planning tools such as Wills and Trust may be used to further secure a solid estate plan.

I do hope that I have been able to be of help to ease your concerns and I wish you all the very best in your marriage.

 

Cheers!

‘Shade

The post ASK SHADE: Help! My husband buys assets in his name alone appeared first on Realising Ambitions.

5 life facts to remember

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Life is for the living

The pressures of life and the high demands we place on ourselves often force us to worry too much that we stress and burn out fast. The moment you truly understand that only those who are alive get to enjoy life, you’ll let go of the toxic emotions that steal your joy and peace of mind – and then you can enjoy life.

Life has a fair share of bad people disguised as good

It’s possible to trust that friend who will betray you tomorrow, or that spouse who may leave you one day – or even that sibling who will not cater to your family in case the unexpected happens. While lots of good people exist and you can take definitive measures to identify those within your circle who you can trust, it is imperative to not take chances especially if you have dependents. Secure their interest with an Easy Will.

Life can get tough

Even the strongest and richest of them all gets kicked tough by life in some way, at some point in time. Understanding this basic principle of life lets you absorb the shock when life gets tough and helps you understand the importance of having an emergency fund in place for the ones you love so that when life gets tough, there is a cushion to help them absorb it.

Life is fleeting

Nobody likes the thought of demise but it is one life phenomenon that we can do absolutely nothing about. It is even trickier because no one knows when it will be their time. Some people have been called before they even attained adulthood. Some others never had the chance to get married or even have children. Yet there are some who an entire family depended on and when they were taken, the world fell apart for their families because rats came and stole the fish meant for the children. That is why if you have children, putting an Education plan in place is the best way to secure their future.

There’s life after retirement

Many of us live for now, spending all we labour hard to get on momentary needs. We forget that we’ll one day retire and life continues even then. How comfortable life gets upon retirement is however dependent on the plans you place today against tomorrow. Live life today but don’t forget to save for retirement by constantly making Additional Voluntary Contributions to your Retirement Savings Account.

In conclusion…

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