Transferring property to my wife

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Rofa1
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Joined: Tue Mar 21, 2017 4:58 pm

Transferring property to my wife

Post by Rofa1 » Tue Jun 02, 2020 10:30 am

We jointly own a house, in my case it's my first house in Finland, in my wife's case it is not. I assume that if I transfer my 50% share to my wife both transfer tax and gift tax would need to be paid?

If that is the case, perhaps it would be very much less expensive to divorce and for me to pass my half of the property to her as part of the divorce settlement?



Transferring property to my wife

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FinlandGirl
Posts: 395
Joined: Sat Nov 09, 2019 10:43 am

Re: Transferring property to my wife

Post by FinlandGirl » Tue Jun 02, 2020 11:57 am

Rofa1 wrote:
Tue Jun 02, 2020 10:30 am
We jointly own a house, in my case it's my first house in Finland, in my wife's case it is not. I assume that if I transfer my 50% share to my wife both transfer tax and gift tax would need to be paid?
Why does it matter to you who of you owns that half?
Rofa1 wrote:
Tue Jun 02, 2020 10:30 am
If that is the case, perhaps it would be very much less expensive to divorce and for me to pass my half of the property to her as part of the divorce settlement?
The settlement can be disregarded if it would lead to an unreasonable result.

Rofa1
Posts: 8
Joined: Tue Mar 21, 2017 4:58 pm

Re: Transferring property to my wife

Post by Rofa1 » Tue Jun 02, 2020 1:42 pm

@Finland Girl
I want to transfer all my Finnish assets to my wife. The house is the main one.

betelgeuse
Posts: 3483
Joined: Thu Aug 29, 2013 1:24 am

Re: Transferring property to my wife

Post by betelgeuse » Tue Jun 02, 2020 3:03 pm

Rofa1 wrote:
Tue Jun 02, 2020 10:30 am
We jointly own a house, in my case it's my first house in Finland, in my wife's case it is not. I assume that if I transfer my 50% share to my wife both transfer tax and gift tax would need to be paid?

If that is the case, perhaps it would be very much less expensive to divorce and for me to pass my half of the property to her as part of the divorce settlement?
https://www.minilex.fi/a/avioero-ositus-ja-lahjavero

Rofa1
Posts: 8
Joined: Tue Mar 21, 2017 4:58 pm

Re: Transferring property to my wife

Post by Rofa1 » Tue Jun 02, 2020 5:15 pm

@betelgeuse
Thank you!

FinlandGirl
Posts: 395
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Re: Transferring property to my wife

Post by FinlandGirl » Tue Jun 02, 2020 6:14 pm

Rofa1 wrote:
Tue Jun 02, 2020 1:42 pm
I want to transfer all my Finnish assets to my wife. The house is the main one.
This sounds like trying to withhold property from creditors.
Creditors can recover a gift from your wife.
Divorce settlements can also be reversed later in that case.

Rofa1
Posts: 8
Joined: Tue Mar 21, 2017 4:58 pm

Re: Transferring property to my wife

Post by Rofa1 » Tue Jun 02, 2020 9:21 pm

@FinlandGirl, yes maybe. It involves a dispute in the Iberian Peninsular which goes back over 15 years. I bought a property from a developer, now deceased, who sold a plot of land twice. There is an argument going through the courts as to who owns it. It's complicated to say the least......

FinlandGirl
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Re: Transferring property to my wife

Post by FinlandGirl » Tue Jun 02, 2020 10:09 pm

Rofa1 wrote:
Tue Jun 02, 2020 9:21 pm
yes maybe. It involves a dispute in the Iberian Peninsular which goes back over 15 years. I bought a property from a developer, now deceased, who sold a plot of land twice. There is an argument going through the courts as to who owns it. It's complicated to say the least......
It will become even more complicated if you divorce your wife for that, and then 2 years later the divorce settlement gets reversed for giving your house in Finland to whoever won at court in the Iberian Peninsular.
Trying to give all your property to your spouse is an old trick, and Finland has an own law specifically to allow your creditors to take what is theirs covering all the usual attempts like gifts or divorce settlements.
My first question would actually be whether her half of the house and everything else she owns is currently shielded from your legal troubles.
You should really ask a lawyer for advice.

Rofa1
Posts: 8
Joined: Tue Mar 21, 2017 4:58 pm

Re: Transferring property to my wife

Post by Rofa1 » Wed Jun 03, 2020 11:51 am

Good advice. Thank you, I will certainly talk to a lawyer. She is probably shielded if such a thing exists since this all kicked off before we were married. I suppose it depends whether you can be forced to sell half a house. Seems unlikely, but I'll find out :thumbsup:

FinlandGirl
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Re: Transferring property to my wife

Post by FinlandGirl » Wed Jun 03, 2020 12:28 pm

Rofa1 wrote:
Wed Jun 03, 2020 11:51 am
She is probably shielded if such a thing exists since this all kicked off before we were married.
Legal default in Finland is that during a divorce all property of both spouses is split equally between the divorcees.
I do not know how property of the other spouse is handled if one spouse goes bankrupt during the marriage.

Most Finns make a premarital agreement to keep property separated, but this does not seem the be the case in your marriage.
Rofa1 wrote:
Wed Jun 03, 2020 11:51 am
I suppose it depends whether you can be forced to sell half a house. Seems unlikely, but I'll find out
How else can they evict you from their half of the house for selling or renting it?
This is a very common situation after divorce or inheritance.

betelgeuse
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Re: Transferring property to my wife

Post by betelgeuse » Wed Jun 03, 2020 12:29 pm

Rofa1 wrote:
Wed Jun 03, 2020 11:51 am
Good advice. Thank you, I will certainly talk to a lawyer. She is probably shielded if such a thing exists since this all kicked off before we were married. I suppose it depends whether you can be forced to sell half a house. Seems unlikely, but I'll find out :thumbsup:
https://www.minilex.fi/a/yhteisesti-omi ... n-ulosotto

Upphew
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Re: Transferring property to my wife

Post by Upphew » Thu Jun 04, 2020 11:12 am

FinlandGirl wrote:
Wed Jun 03, 2020 12:28 pm
Most Finns make a premarital agreement to keep property separated, but this does not seem the be the case in your marriage.
I beg to differ. Most would be more than half imho, and yle said year ago that 1/3 did the prenup: https://yle.fi/uutiset/3-10814878
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