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Splitting assets, can he spend it all before decision is made?(18 Posts)
I split from H over a year ago and we are arguing over splitting finances, I have heard he is spending lots of the money in his name, joint money but saved in his name for tax purposes he told me. Our solicitors know how much we had some in his name, some in mine, when we split, but if he spends all the money available to him now and he has used it on mortages, cars etc will I have no claim?
if it's joint money can't you sequester it? I am currently transferring money out of a joint account with xh,into a sole account on advice of counsel.
No, before we split he very cleverly split it into different accounts, saying it was better for tax purposes, so we both have various accounts in our own names, containing money that came from our house sale before we split and would have been to buy another house together eventually.
My ex build up massive debts and lived like a king after leaving, he did very well out of hiding it in his wives name, you can't force her to disclose. I was assured his behaviour would be taken into account in court, was it heck, he and judge put it down to his unstablness after splitting and he got away with that along with so much more I could bore you with! If you have kids with a man like that then he doesn't give a fig about them to play those games, it is all about him, and you have done well being away from someone like that.
unfortunately i had a similar experience to tranquility
my exh, in the months after we separated, spent huge amounts of joint money that happened to be in his account, on cars/holidays/clothes/girlfriends etc, then pleaded poverty when we got divorced. he got away with it. when i brought it up in court, the judge said it was his money to do with as he pleased and that i should have made sure it was in a joint account if it was mine.
he also couldn't afford to pay ds1's maintenance because he had spent £20,000 on his gf's engagement ring. apparently that was perfectly within his rights, too.
mrsravel, were we married to the same man? I got a cheapo ring, she didn't!
out of interest did your ex also emotionally abuse you and the children, if so he will abuse £20k woman also?
nope, it was just a rotten marriage, big mistake on both sides. in fairness to him he's a much better dad now (and probably husband to 20k girl) than he was before... but even with it all being 'water under the bridge' i am still amazed to think how naive i was in the whole divorce/court business... wish i had been much more hard headed and realised that the judge was only interested in straight facts - if there was 100 quid left in the joint account i was entitled to 50 quid of it, absolutely no consideration of the fact that exh's lifestyle showed he was clearly extremely wealthy.
def not married to the same man then!
If he turns the money into assets (cars, houses, etc.) he will have to declare them and they form part of the settlement. If he wastes a significant proportion of the money on wine women and song he is likely to end up with a smaller proportion of the overall assets than he would do otherwise.
You have to prove that he owns the assets, he can claim all kinds of debts as well, personal loans with no proof that they are not gifts, and give unsigned documents from various people stating they are loans, with no evidence, and it will be accepted by a judge.
I am sure my ex owned his new car, he claimed his wife had it from work as a company car.
They don't end up with a smaller proportion of assets if they claim to wine and dine, they siphon the money into their partners account, and she saves it in her name and refuses to disclose, they end up with stacks of money and as per my ex claim that the wife was left money in a will to pay for things like weddings, with no evidence etc, and these judges fall for it.
I have lost all faith in anyone with authority now as a result of my experiences of our judicial system.
Sod the truth will out, Karma, good things come to good people etc, life is unfair deal with it.
agree with you again tranquility - maybe if you're lucky and get a judge who sees things your way, the wine/women/song spending might be taken into consideration for the settlement. in my case it was not. in fact the judge was so busy discussing rugby with my exh from the minute we stepped into the courtroom that it was clear from the outset where his sympathies lay. nothing you can do about it.
as for the having to declare things, yes, in theory they do. but in practice, i knew my exh had a private bank account with a large sum of money set aside in it, in practice, he said it didn't exist, and i had no way of proving it.
Obviously if there is no evidence of non disclosure of assets a court can't take them into account. When there is documentary evidence (bank account number, transactions from/to another account or credit card etc) it's possible to ask for information of hidden assets through the courts. If the information isn't then forthcoming judge can accept the estimated true value of all the assets based on the the amount actually disclosed and the evidence of non disclosure and make an order accordingly. When evidence of substantial non disclosure comes to light later a settlement may be set aside and revisited.
The courts have powers to freeze assets, and in some circumstances set aside disposals of assets or add back the value of assets squandered with the intention of reducing or preventing a spouse's claim to financial provision. Someone who is dishonest risks penalties and costs.
However, often it is a question of cutting losses and making a decision based on what more information can be ascertained, at what cost and over what period of time and at what benefit to an improved settlement. £10k either way isn't going to make a difference and there is no point in running up legal costs of £30-40k+ if the matrimonial pot to be shared isn't that big.
You can apply for an injunction in divorce proceedings to prevent him over spending.
Thanks, looks like me and the dc might end up living in a tent. I've already spent a fortune on solicitors fees and was hoping we might come to an agreement soon, but it sounds like it is just going to get more expensive, maybe I should just get a tent.
really sorry you are going through this, i remember what it felt like - i spent thousands and thousands on solicitors fees and in the end decided to cut my losses and just accept what he offered me, as i had no way of proving the truth about the money he had/earned. ex lived overseas when we divorced which made it even more difficult, his bank statements were all in a different alphabet so impossible for me to translate, and i would have had to spend many more months and £ trying to find out more. all i can say, from my own experience, is just to be as hard headed as you possibly can. good luck.
You could apply for a section 37 Avoidance of Disposition order.
Haven't done one for donkey's years but as long as you know where the money is being held, the court can make an order freezing those assets and the two of you can argue about it later on down the line. In the meantime the bank/building soc. can't let either of you touch the money.
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