Is there a way to protect my savings?

[Confusedandmarried]

Hi, after years of putting my head u der the sand I am now on the path to divorce from a very depressed/potentially autistic husband who ignores me most of the time and when he doesn't he is emotionally abusive. He has always earned a bit more than me but gambled all his money. On the contrary I owned a flat before marrying and I always saved a lot after the marriage too. I now have about 50k on a saving account in my sole name. I already enquired a solicitor and I know that the flat will be considered matrimonial asset which is incredibly frustrating. In the years I went to progressively earn a bit more and we are now almost equal but he has about 10k savings. We own a property jointly. I do the 90% of childcare including using my annual leave to save up some money on the private nursery for our 2 kids. We saved about 10k pound with this alone. Saying this I really want to safeguard my savings. I know I need to disclose everything in my possession but I also read I need to provide 12 months bank statements. How risky would it be to move my savings to another bank account and wait an year from now before starting the procedure? He absolutely doesn't know or care about looking after money and I want to ensure a solid future to our kids. I would be hopeful we can agree with mediation help and avoid court. Thanks for your insight

As I understand if you don’t disclose everything which you are required to do, the courts could later set aside the financial settlement awarded if that materially changes the outcone

how likely this is, well who knows

you should declare it but try to claim higher share of assets based on your child caring responsibilities

Anyway of making sure the children have their own savings? Open LISA’s? or even pension scheme a for them or a trust fund.

If the money is for them anyway I see no harm on them having it earlier than planned.

Thanks I already put as much as allowed jn the cash isa account for the kids from my own money. I can look into pension funds for them but pension investments are not guaranteed and it is a very long way before they would benefit. I would rather pay their university fees in advance if possible

It's a very high risk gamble. Courts looks very dimly on lack of disclosure / attempts to hide assets.

Personally I wouldn't. If caught it'll discredit you massively during the divorce.

Personally? After losing everything because of my ex, I would take the money out of the account, and either keep it as cash or buy some gold and silver ingots with it and just wait out the 12 months for the transaction on the bank account to not be declarable.

He gambled his money away so fuck him. Protect yourself.

Just because it won't show on a bank statement doesn't mean you don't have to declare it. You have to declare all assets, regardless of where they are. Furthermore, you have to submit bank statements for ALL accounts, so the amount will still be visible anyway.

You are looking to commit fraud to deprive your unwell husband of assets that he rightly has a share of. This is in no way acceptable, and you should be ashamed to even consider it.

Does it have to be in ISAs? Can’t it just be transferred to a normal savings account but in the children’s names?

You are looking to commit fraud to deprive your unwell husband of assets that he rightly has a share of

And not very smart asking about it on open forum whilst providing numerous details about the situation.

Hiding money would be fraud. When you married you agreed to share everything with him, and him with you. I can completely understand how unfair this feels but all the time you are married this is the deal.

You’d be better off negotiating a bigger cut of the equity, especially as it is unlikely you will be able to rely on him for maintenance given his gambling habit. Given your total assets (flat+ equity in your home + I’m guessing pensions) it really doesn't seem sensible to take the risk of being caught out lying for £20k.

Naaa stash it away from the gambling arse he is the bigger earner and chose to gamble his away close down the account you only need to declare OPEN bank accounts surely

No, you need to declare all assets.

If she goes down the idiotic route you and others are suggesting then she deserves to be jailed.

Would you be entitled to a bigger share of the assets in the basis of him earning more and you presumably having custody of the children? What about pensions?
is his gambling bad enough to be considered a conduct factor.

Definitely don’t do anything fraudulent.
Not sure how you would stand transferring funds to the children more than a year before proceedings started, but I think the court can go back more than a year if there’s any suspicion.

This is a vary difficult situation op, because the rules are, generally 50/50 on all assets, to protect the party who does the child rearing. The assumption would be that you both would have contributed equally. I have no idea what happens here, and I guess it will come down to whether you can prove he gambles? Either way, I would see a solicitor as soon as you possibly can. If you do have to share, you need to get out as quick as poss before you have ti give him any more!

It is frustrating but this is how the majority of men feel when it’s reversed! And you agreed to this contract when you married….,

if you’ve not been married long, have dependent children, and he earns more you should be able to negotiate a settling in your favour that takes all those factors into consideration / but you absolutely should declare it properly and not commit fraud !

Except from the fact @millymollymoomoo, most of said men, don't fairly contribute to the childcare, don't apply any value to it, and it's the reason for the divorce when the wives have, rightly, had enough. The ops case is completely different, as she has filled both roles.

There are baby men who gave rives who ‘contribute childcare’ but don’t do much else, refuse to work, make little other contribution l, are low earners to start with and still walk away with more.
that’s a marriage contract. Doesn’t seem fair to many parties but no one shoujd be encouraging someone here to commit fraud

as stated, if marriage is short, he earns more and she has child majority of time then argue for a split that reflects that .

Thanks a lot for the replies i am a very compliant person who never cross the street with the red traffic light I would never commit fraud. I think is very disappointing how after consulting 2solicitors (paying for an extende consultation) they both portrait a very unfair scenario. Where in spite of earning less, saving more and do all the childcare I am still due to lose shares on a flat that I purchased before marriage and that is because they won't look into how much my husband who is an high earners wasted on himself. I am appalled, disappointed and very upset. I just at the start and I will legally put all the effort to see my investments of time and money protected and recognised. This need to be changed. If someone earned money and wasted should not be entitled to take someone's else

Have you got/can you get any kind of proof that he wasted the money op?
(Note I've no idea if that will help though unfortunately)

It is visibile in the bank statements but I think only 12 months are needed and anyway the solicitors told me that is not really taken in consideration it is more about how much we have now and how to split that fairly

I understand your feelings OP. I had a miserable 30 year marriage during which my husband was often the highest earner but also the biggest squanderer of money. I always paid 50:50 despite earning less. I also did all the childcare and 90% df the housework and life admin while he spent all his time (and £££) on his hobbies. I've built up a good private pension but he didn't put much away, choosing to spend it instead. I've left him but have held off divorcing him because I don't want him having half my hard earned pension. He got an inheritance before we split but didn't share a penny of it, choosing to spend it on himself. If I'd had a crystal ball and could have foreseen how he'd have behaved financially (not to mention emotionally) then I'd never have got married in the first place.

It's shit op, it really is, but do it now before he gets any more of your money.

Can you gamble your money away too or give to charity? Technically if is OK for him to waste mo ey so it should be for you

Yes, that’s right. You don’t get to deduct prior outgoing from the split.

That’s sort of the whole point of marriage, you are combining your assets.