runaway fund and new notes

[gurneyhalleck]

I am wondering how to convert my runaway fund from old twenties to new twenties discreetly in this time of Corona.

I have been skimming my daily spends for years, saving 20-30 pounds a week from my daily lunch/coffee work money. This I have been keeping as physical cash tucked away and it's a sizable sum.

After years, I feel restless in my marriage. I am considering cutting the cord once the children hit adulthood in a couple of years. Much of my stash is in old twenties. How can I get these converted in one go without having to leave details, or cldo I have to do it piecemeal? My problem there is I am currently not in the office, so normally where I could have stopped by on my way in to do it, I don't have that regularity at the moment. Any ideas? Obviously I would like to keep it out of any accounts or anything that leaves an electronic trail

@gurneyhalleck

Some good advice here, along with the expected vitriol. Let's break it down:

MN says you can leave a marriage for any reason

MN says marriage can damage young children (I'm sure that counts for adult DC as well but not too the same extent)

MN says 'get your ducks in a row'. Surely that includes having enough money to be able to put down a rental deposit, purchase a car and basic furnishings? Let's not kid ourselves, even if I had 5k, that would do a deposit, a cheap banger car, real basic furnishings and white goods and leave maybe 1000?

How many threads have been on here talking about financial independence and having your own money and that resilience?

We have a joint account, we both have our own separate accounts. The money, which is the vast majority of our earnings, goes into the joint account with the little left each of us taking an amount into our separate accounts. I don't judge what my partner does with his money so no I wouldn't be 'fuming'.

As to fraud - the cash withdrawals are accounted for in everyday spending, drawn in small amounts of under 20 at a time in the same locations close to work. Tell me how a forensic accountant would be able to track this physical asset that has been built from a pattern of reasonable everyday spending?

If you both have separate individual accounts aside from the joint account, and neither of you care what the other does with money in your individual accounts, why do you need to hide cash? Why not just leave it in your private account? Sounds to me like you are need trying to commit a fraud by hiding your assets for the impending divorce process.

@pinkcarpet

Prepaid credit or debit cards? The type you can use for spending on holidays. Some online only bank accounts like Monzo or Monese are an app and can be opened in minutes with no post required except if you need to apply for a credit card to be delivered to you. Your account can be linked to google pay or apple pay so you don't need to have a physical card at all.

mmm, be careful here, both Monzo and Starling send out a physical card. There may be an option to not have a debit card but check out their websites.

Why would the grandad lose his 50k in a police raid? There is no law that forces you to put your money in a bank and not keep it at home. Unless he obtained it illegally how could the police claim it?

I don't understand why, if you have a separate account for personal money, you would need to keep this separate stash in cash?

Also why, if you are unhappy on the marriage and believe unhappy marriages can damage children, don't you leave now? What are you waiting for? Your children will pick up on the tension and it will not be good for them.

@Palavah

I don't understand why, if you have a separate account for personal money, you would need to keep this separate stash in cash?

Also why, if you are unhappy on the marriage and believe unhappy marriages can damage children, don't you leave now? What are you waiting for? Your children will pick up on the tension and it will not be good for them.

Because she will have to give him half of any money in a bank account. When divorcing you have to produce the last 12 months of bank accounts. If it’s cash he won’t know about it.

But if the money is there for rental deposit, first month's rent etc it will be spent when she leaves him, well before the divorce financial settlement?

I am surprised anyone keeps a stash of money and not a separate account somewhere. So I cannot offer any advice.

@ThousandsAreSailing

Why would the grandad lose his 50k in a police raid? There is no law that forces you to put your money in a bank and not keep it at home. Unless he obtained it illegally how could the police claim it?

But there is a law which requires you to prove any money or assets you possess are legal. Or lose them. Which means payslips and a paper trail.

Because while Grandad may have saved up his £50K over many years, he might also have sold a shedload of drugs (or goodness knows what). And because we - the public - demand such people are dealt with most severely, we've given the police (and HMRC) those powers.

Read Section 5 of the Proceeds of Crime Act (POCA) 2002. And yes, people have lost money they couldn't prove was theirs.