Finance - transferring everything to child

[driftingcloud]

Has anyone transferred all their savings into a child's account (which they are trustee or whatever it's called ) during the process to prevent the assets being shared? I was thinking that I could put £10k into my daughters /savings account. It's one where money can be taken out and put in but not accessed by the child until 18. Is this a clever loophole or is all the child's assets also split?

I think this was becseen as deliberate attempt to deprive assets and would not go down well

@millymollymoomoo oh yes I can see that. I know that if we divorce my husband is going to change job so he earns next to nothing. We always planned to send DD to a private school at 11/13. I only wanted to put money in her account so I have something saved towards still being able to do that

As PPs said.

While the accounts are for the child named on the account, the child's accounts have to be declared and the other parent can ask to see the transactions of those accounts to confirm you aren't trying to deprive them off martial assets.

They can then ask for the money in those accounts to be split in two so both parents can save for the child concerned individually going forward.

I understand the intent. £10 k won’t fund private secondary school though although I’m direct the money would help

I’d focus on trying to secure the best financial settlement you can, securing capital ( if there is any) if you think he will mess around with jobs and child maintenance

What about if I set up a join account with my mother? Would he then have access to a quarter of that?

@CrabbitCrone ffs. What a wanker.

@crabbitcrone that is exactly why I will never marry again. Money saved for my kids will now be spent by my ex on hookers!

Depending on the age of your child - if you can register with the school now, pay deposits, get an idea of school fees etc. then you can put down that there is a joint savings account which is for school fees. Your assets aren't necessarily split 50/50. I think there are actually specific accounts designed for saving for school fees so maybe transfer to one of those so that any judge reviewing the paperwork can see that the money is specifically set aside for that.

I'm going through a divorce and though I am a higher earner than my ex, I'm also paying school fees, have residency, etc. so my child-related costs are considerably higher. These things are all taken into account when drafting the financial order rather than a straight 50/50 split.