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Separating- query over savings

(18 Posts)
mrsmoneyquery Fri 11-Sep-09 20:49:04

I am embarrassed to ask this, as I feel it is unethical, but I was wondering.

My DH and I may be splitting up. I have recently seen a solicitor re.assets. They advised that because of the length of marriage I would get a good settlement, although it is unlikely I could stay in our home, as I could not meet the outgoings.

My H earns 80% of what we have and will have a very good pension- and I earn 20%.
My annual income is around £20K. I have quite a bit in savings, ISAs etc etc accumulated by me over the years, which my solicitor said would be put into the pot and divided 50/50.

Is there any way that I could "hide" my savings or even "give them away" to a member of my family so I hold on to them?

EldonAve Sat 12-Sep-09 08:56:54

it is unethical but

basically you need to transfer the money to other people
not tell your DH
hope he doesn't have copies of any statements
hope you don't have regular payments going to any of the accounts from accounts he knows about

if he knows you have the accounts already then it will be difficult

mrsmoneyquery Sat 12-Sep-09 09:11:04

Most of the money is saved child benefit which we tried not to touch and I had it paid into my account over 20 years.

I know it is not right- but even with a generous settlement my standard of living will fall hugely. He has earning capacity well into hi 60s because of the type of work he does and I don't want maintenance long term, which is what I could get.

He know I have the accounts and roughly how much but has never seen actual statements and we do not have any DD etc going out from them.

EldonAve Sat 12-Sep-09 09:48:06

I think if he knows you have the accounts then he can force you to provide details

Also it would be fair enough to ask where the CB has gone

I assume you realise he will be forced to split his pension pot with you

Nomoretears Sat 12-Sep-09 10:01:53

If it's saved child benefit (and you have proof of that) then ask your solicitor to "ring-fence" it so that you declare it but state that the purpose of the funds is for the needs relating to the children.

Do not (as another poster suggests) transfer it to other people or try to dispose of it in any way. Not only is it unethical your partner's solicitor could apply for a freezing order on your assets and ask the court to set aside the disposition to allow them to consider it part of the matrimonial assets. The court takes a dim view of separating partners attempting to make funds disappear and this would probably count against you in any settlement.

AllThreeWays Sat 12-Sep-09 10:09:54

Do not do this, the only way you can come out of this with your head held high is to do the right thing.
Financial settlements take everything into account including your future earning capacity and divide with that in mind. Please be ethical, so many people on here are faced with their ExH taking off with the savings and hiding assets and the misery that ensues

EldonAve Sat 12-Sep-09 11:22:40

I wasn't suggesting it was the right thing to do just answering the question

RedAction Sat 12-Sep-09 11:57:14

Message withdrawn at poster's request.

LIZS Sat 12-Sep-09 12:00:42

No you should n't but you should get a pension order so that you can share a proportion. If solictor already knows about it it will be expected you declare now anyway.

mrsmoneyquery Sat 12-Sep-09 12:15:26

I am not sure what to think really about what the solicitor said- it was just a quick, free session.

She said that I would get half the pension, but advised me that I should take a bigger lump sum in favour of that, in order to buy a house more in keeping with what I'd had.

I assume I would not be able to access the pension anyway until I was 65- or he retired either then or a few years before that?

His pension is worth about £50K a year. How could I access my 50% of that until he retired?

The sol. pointed out that if he drew 10 years pension it would equate to more than my 50% of our current equity, including the house worth about £475K. On that basis she said I should get more than a 50/50 split of our assets- but quite honestly, I don't see how I could keep the house. If I took over the mortgage, which I could manage, I would be pushed to pay all the other outgoings, and would need maintenance.

I suppose I am asking how could I be best off in the short term? He will carry on earning his £80K, I will struggle on my £20K, and I just have an aversion to be "kept".

RedAction Sat 12-Sep-09 12:18:22

Message withdrawn at poster's request.

LIZS Sat 12-Sep-09 12:23:13

No you wouldn't get any income from the pension until he got to retirement age, unless he cashed it in or took early retirement, but as you would probably outlive him you might benefit more than if he pays a maintenance iyswim. The calcualtions aren't a straight 50/50 split on the pension income though it is doen as an actuarial calculation based oin life expeactancy so the fund is split to give you an income. If this scenario is some way off then you may be better having a cash sum now, forgoing rights to the pension, to invest yourself for the longer term and interim, but you'd need soem very solid fiancial advice as to how to make the most of it. Are dependent children involved ?

mrsmoneyquery Sat 12-Sep-09 12:23:56

The house could be sold, but I am very attached to it- and I also work from home, part of the time. I suppose I just don't want the upset of moving. I know that in time I will inherit money and if I could manage short term to stay here, it would be what I wanted short term.

RedAction Sat 12-Sep-09 12:26:53

Message withdrawn at poster's request.

mrsmoneyquery Sat 12-Sep-09 12:27:09

LIZS- thanks- are you legal bod?

My DCs are adults but daughter is still at uni- we are currently paying a lot towards that.

Retirement is around 10 years hence- maybe a couple of years sooner.

I suppose I feel that I gve up my profession to support his career and the kids- he travelled overseas a lot- and even if I went back to the work I did, it doesn't pay much. It was also very stressful work and I do not want to work at it aain full time in my 50s.

SoupDragon Sat 12-Sep-09 12:27:16

How would you feel if he hid assets from you?

RedAction Sat 12-Sep-09 12:30:29

Message withdrawn at poster's request.

LIZS Sat 12-Sep-09 12:32:27

No I'm not, but my parents had such a pension arrangement a few years back. If you want things to stay amicable hiding savings accounts is not an option. 10 years isn't very long to have an interim maintenance arrangement. then the pension is paid direct to you. CAB may be able to review your income/outgoings to see if you would afford to keep the house.

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