Escape fund

[NCfortoday2021]

How does this work? Need to set one up but if we split he gets half of anything anyway? Or it is ok to spend it when separated (which I would need to do is for accommodation, new car etc) and then it is gone anyway by the time of the settlement. All would be funds earned during the marriage from my regular salary.

Yes I would save up now so that you can use it to rehouse yourself. That is a perfectly reasonable thing to spend that money on and I don't think a judge would say otherwise. Put it this way - if you don't pay for your rehousing costs using that fund, what will you use?

Do you need the car for work? Again that's a valid thing to spend money on.

Yes it’s ok to spend it when separated.
Also think if you’ve got somewhere absolutely safe that you could keep some cash.

Keep in mind that they look at finances over the last 12 months so it all needs declaring.
I had an escape fund, which had to be declared, had to give him some but not all or half as I put strongly my reasons for having it in the first place. Hope this helps

Mine is with my Dad. If it were investigated it's because I'm 'paying off a loan' so technically it's his money not mine.

I thought the idea was it was funds to spend on housing etc when you separate , so would be spent anyway.

Meanwhile, it is considered asset...
I'm planning to spend it on necessities after its all done or moves out but in reality it doesnt work like that...
I agree though if a trustworthy someone else has it instead , that would work better