To think my parents may have stolen my savings

[notagainnellie]

I'm really not sure about this and would love to hear others' opinions.

My parents recently told me there was an account/bond thing in my name that I had known nothing about (I'm in my thirties) and that they were going to cash it in. They needed documents from me as it was all in my name. Also, my godparents had to sign something as well, though I don't see them (neither do my parents - no big reason, just drifted over the years) so I haven't discussed it with them.

The cash was for a significant but not life-changing amount and was issued to me in a cheque. My dm then said that we would be sharing it three ways between me, her and df - they are still together. She asked if I thought that it was fair, so I just said yes and transferred the money to them accordingly. The more I think about it, this was an account or whatever set up for me on my birth (hence the involvement of my god-parents) and my parents have now taken two thirds of it. It's also odd that I was never told about it imo - as if they had decided years ago that I wasn't to have it...

Fwiw, I know little of their financial circumstances, but df was made redundant about 15 years ago from a professional job and has never attempted to work since, despite being 50ish. Dm took early retirement not long after that. They got a lot of money when his mother died a few years later and moved to a bigger house at that time. They spend a lot on his smoking drinking habits and go abroad quite a bit.

What they spend their money on is nothing to do with me, I know that, but I am going through a divorce which will cost me as I was the only earner. I am comfortable, but have to worry about money quite a bit and still don't know the outcome of the divorce. This money was great, but a bit more of it would have been even better!

I just can't shake this feeling that they have taken what is mine and I don't know how to feel about it.

You've been had by your own parents. Not good

Thinking about it a little more - I have come across similar scenarios in my profession - if the cheque was made out to you, it will be considered to be your asset as far as the divorce calculations are concerned and any passing on of that money to a third party (I.e. Your parents) may be considered as an attempt to hide assets.
I think you will have to have a conversation with them about this!
Must be difficult and stressful though - and a pity not to have their support at a painful time like this!

Cabrinha - OOOps, cross-posted! ^^

I don't see why op doesn't just ask them why they did what they did especially as she didn't know account existed. The context will provide clarity.

My parents had an insurance policy on me. When it matured I cashed the cheque and transferred them the entire amount. Why wouldn't I? It wasn't my money.

You need to talk to them. Ask where the account came from and why they thought they should take the majority share of it. You have a right to feel deceived by them and pressured into giving them the money. Ask your godparents too. I had an account set up for me and eventually I got my Mum to sign over all the money given to me. You've probably been entitled to that money from age eighteen or even younger, so why have they sat on it. Taking money by deception and pressure is theft.

I had same situation with my parents, but never considered the money mine. I always knew they used these insurance savings schemes, as a way of saving a little bit of money and as far as I'm concerned they saved it and are welcome to it. They have worked all their lives (remember the days before it was acceptable t be on the dole etc!) and if this is the only way they can grab a bit back from the tax man, then it's fine with me. The fact they kept it all is irrelevant to me, it's their money, just in my name. Financially, I've always been in the position of needing it, but I'm a grown up & not financially their responsibility! (Don't get me wrong , they would have given me every penny if I had asked. Not sure why people feel that their parents should give them money, its bizarre!)

Bluelagoo that is not necessarily the same situation at all. The OP doedn't know where this money came from, it may well not have ever been her parent's money (until now...).

If it's any consolation rubies12345, I'm in my very early fifties and my parentss still intimidate me!
As for the money itself, I'm wondering if they out the money into your name to make themselves eligible for benefits or to avoid tax?
I would say when my kids were younger, I scrimped and saved everything I could to put into my children's a/c's. They had baby bonds and no, it wasn't to avoid the above either. I sincerely hoped that they'd use it to put towards driving lessons/ buying a house. DD manages to buy her first car, which meant she could commute to uni. Therefore saving money. She's now got a good job, which we hope will one day mean she can, with somebody else, buy a flat/house, whatever.
My DS on the other hand has squandered hi on alcohol and weed. I have to admit I so resent that. Thankfully, I managed to gain some compensation for him from an accident he had through a very stressful court case through which I wasn't supported at all by DH. He has actually ring fenced it into a long term ISA, so has something, one day. All can say is that he'd better take me out for a nice meal, somewhere nice, because at the end of this he will have almost 10k. I think he owes me that IMHO!? It would be a nice gesture after all. Especially as we're supporting him through uni, which is costing him an extra 18k, because, quite frankly despite our attempts, he was by his own admission a lazy whatsit by not applying himself and having to stay an extra year which he would have got as a free year at uni, then spent his bonds money on alcohol and weed in his first year at uni and failed.
I can't say I feel sorry for him. He's old enough at 21 to know better! OH is way to lenient on him; whereas I'm the meanie. Odd though that I'm the one he comes to, to talk about personal stuff! Hhhhmmmm...