Investment property split

Cunning Stunt

Hi all,
Can anyone shed some light on this. A friend is most likely headed for divorce with the wife. He has an investment property, which he purchased befor they got together and which has always paid for itself, through rental. It has never been the family home. They have never lived there themselves. The wife remains in the family home but is looking for half the value of the investment property. Is she entitled to this?
Thanks

Stheno

She can claim it and it will most likely end up in court for a judge to decide.

It's not a terribly clear area in divorce law tbh

Payton

The investment property is an asset and therefore his wife is entitled to 50% of it.
2 people looking to be divorced with 2 properties, depending on the value of the 2 properties and equity that is available from the properties the judge could order that each take a property each as part of the divorce agreement.

Cunning Stunt

Thanks for the responses. When you talk about assets, I also read about pre-marital assets - would the property not be seen as this? And if so, would he not be entitled to keep 100% ... or does this not apply in Ireland?

Stheno

Cunning Stunt wrote: »

Thanks for the responses. When you talk about assets, I also read about pre-marital assets - would the property not be seen as this? And if so, would he not be entitled to keep 100% ... or does this not apply in Ireland?

It doesn't really apply here tbh, e.g. when I was going through a seperation agreement, both of us had to get what I think are called pension adjusment orders, so that neither had a claim on the others pension even though we both had them well before we married.

Irish divorce is open ended, it's not go to the divorce court, get your decree nisi and that's it, you've no future claim, you could potentially lodge a future claim e.g. if your ex won the euromillions.

Now that's an extreme case but it can also apply to things like future inheritances etc and I don't believe you can sign away the ability to claim in the future.

Payton

Cunning Stunt wrote: »

Thanks for the responses. When you talk about assets, I also read about pre-marital assets - would the property not be seen as this? And if so, would he not be entitled to keep 100% ... or does this not apply in Ireland?

The property was brought into the marriage so it's put into the pot of assets so to speak. Do you both have a mortgage on your existing property?
Depending on the rate of loan to equity on the properties both his and the 'family home' you both could agree on something but it boils down to mathematics where you both have to be provided for.