Do I have to disclose money I've saved AFTER we agreed to separate? How do you squirrel away money?

[spelterg]

I was messed around after marriage and never had access to my own money for years. I told STBXH I'm divorcing him last year and since then we've been in limbo while I talk to lawyers and try to get advice on a complicated financial situation. For the first time in my life though, I have some money and savings of my own. I'm loathe to disclose it, and possibly even have to give him some/it goes to settle family debts which he unilaterally took on.

I always see posts advising women to "squirrel away" money. How do you do it in practice, unless it's a tenner here and there built up over years? I'm self employed and I have money arrive in batches (due to the nature of my work). It'll be really obvious if I'm diverting them to a secret account.

You could put some money in a local credit union. Pay it in over the counter rather than transfer from your bank. They never show up on credit reports.

If you try to hide assets,then you will destroy your credibility with the Court, and any arrangement based on your decent can be undone, and you get to have a second go on finances.

Just disclose and say they are post separation assets, so not part of the matrimonial assets.

Surely you have to put money aside for tax and therefore all the money isn't actually yours to spend? Would a payment to HMRC in advance of doing your taxes ne an idea to cover this?

Of course OP can use the money. She just can't hide it.

Maybe a stupid idea (and the one I saw in the movies, most likely) but could you rent a storage space / a locker at the bank and keep cash there?

@MrsBertBibby

Of course OP can use the money. She just can't hide it.

The number of times I've seen people not deducting due payments to HMRC before splitting assets...

You can't hide money during divorce. But you can argue that some should be excluded from the settlement. Either because bits from before you married or after you separated.

However, the outcome is going to depend on a huge number of other factors as well, so it's not really possible to advise what will happen in your exact situation without more details.

I wouldn’t hide money but I also wouldn’t save it until you get divorced (spend it on what you need/want and start saving as soon as the DA comes through).

Having money saved or not will have no bearing on if you should be responsible for any family debts.

You shouldn't hide money but if I wanted to I'd use cryptocurrency. You have to research or get a stablecoin if you don't want to risk your money.

Cryptocurrency is disclosable.

It's all disclosable including cash. The credit union thing is interesting ans I'd look into that a bit more but really it's more a Case of putting a good argument forward about why it should be excluded from the split.

Friend of mine is putting all her savings into her mums bank account. Not sure if that's legal or not.

You could put some money in a local credit union. Pay it in over the counter rather than transfer from your bank. They never show up on credit reports.

You could put some money in a local credit union. Pay it in over the counter rather than transfer from your bank. They never show up on credit reports.

I'm not aware of any savings showing up on credit reports not just credit unions - also what do credit reports have to do with divorce? Genuine question.

Friend of mine is putting all her savings into her mums bank account. Not sure if that's legal or not.

It's not illegal but she will still have to disclose it regardless which account she pays it into

Fine to save, not fine to hide money

Loving the responses advising you to hide assets to avoid sharing on divorce. I’m pretty sure those same posters would be fine with a man doing that...

Put it in your Mums loft, that’s what my ex did, she didn’t know he’d been doing that but he took out son with him to retrieve some and what was first thing son told me!!

It really doesn't make any difference at all where the OP puts the savings - it's still a disclosable asset. When she fills in the Form E it will ask her to list all her assets. Not listing them is lying to the court.

@ThisIsStartingToBoreMe

It really doesn't make any difference at all where the OP puts the savings - it's still a disclosable asset. When she fills in the Form E it will ask her to list all her assets. Not listing them is lying to the court.

It appears lots of posters advocate (the woman) lying to the court...