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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Moving my savings so they can't be taken in a divorce

84 replies

2023Divorce · 16/02/2023 20:20

Thank you to everyone who replied to my previous post; I still haven't worked out how to reply to individual comments! But thank you!

I have another question, about money. I've got some savings that I've built up over the past 15 years or so. I want to avoid him taking any of that money in the divorce, which seems tight of me, but .. I don't know. I feel like I squirrelled away a little bit whenever I could and I don't know why I should hand it over!

But; if I moved the money to my parents' account, how long ago would that need to have happened for it not to be considered a sneaky move on my part, as it were?! I don't want to move the money if it won't make any difference, and I especially don't want to move it if it would be highlighted as an underhand move if it was discovered during the divorce.

Many thanks!

OP posts:
JamSandle · 16/02/2023 20:24

Bumping for you x

Fudgemaker · 16/02/2023 20:34

And you'd be happy if he likewise hid money or assets from you yeah?!

Paperexcelandpens · 16/02/2023 20:38

Surely you can't do that? If a man was on here asking for advice to hide assets , he'd get ripped to bits.

YnysMonCrone · 16/02/2023 20:43

I built up what I called my Fuck off fund. He didn't know I had it.
When we eventually separated I declared it to my solicitor. He said it would be considered a joint asset as it had been built up over the marriage.
In the end I used it to supplement my income while he arsed about trying to delay the divorce so I wasn't as stressed as I could have been. My solicitor said it was fine to use it for that before the settlement.

Quitelikeit · 16/02/2023 20:45

if he doesn’t know about the account id transfer it out now and close the account tomorrow

AHelpfulHand · 16/02/2023 20:46

It’s 2 years.

WaddleAway · 16/02/2023 20:48

Are you expecting him to declare all his assets to you, or will you be ok if he squirrels some away?

Cazs818 · 16/02/2023 20:50

That would be an assist & hiding it isn’t gonna end well

silentpool · 16/02/2023 20:53

Divorces take time - use the funds to pay for setting up your new life, bridging the gap between joint and single incomes and paying lawyers fees. You will have to declare them so I don't advise hiding them.

Ireallydohope · 16/02/2023 21:04

I'd gift it temporarily to my parents

Ireallydohope · 16/02/2023 21:04

It's not like it's millions it's your small nest egg

HollyBollyBooBoo · 16/02/2023 21:08

If your spouse is found to be hiding money in a divorce, the court could punish them in a number of different ways. One penalty is being ordered to pay the legal costs of the other party. The person hiding the assets may also receive a less favourable financial settlement than they would have been awarded otherwise

I wouldn't personally.

MooseBeTimeForSnow · 16/02/2023 21:30

You need to disclose 12 months of statements. If his legal
team spots money being transferred to another account, they’ll ask to see 12 months statements for that account as well.

KangarooKenny · 16/02/2023 21:32

12 months

Veryniceindeed · 16/02/2023 21:32

Yes it’s one year of statements. If you have moved any money around in that time, it will show.

Timeforachange2023 · 16/02/2023 21:35

2023Divorce · 16/02/2023 20:20

Thank you to everyone who replied to my previous post; I still haven't worked out how to reply to individual comments! But thank you!

I have another question, about money. I've got some savings that I've built up over the past 15 years or so. I want to avoid him taking any of that money in the divorce, which seems tight of me, but .. I don't know. I feel like I squirrelled away a little bit whenever I could and I don't know why I should hand it over!

But; if I moved the money to my parents' account, how long ago would that need to have happened for it not to be considered a sneaky move on my part, as it were?! I don't want to move the money if it won't make any difference, and I especially don't want to move it if it would be highlighted as an underhand move if it was discovered during the divorce.

Many thanks!

If you are going to have a financial order drawn up and approved by the court as part of your divorce, please consider that you have to sign a statement of truth regarding what you declare as your assets and liabilities.

Would you be happy to sign that knowing you have purposefully hidden an asset?

The other consideration is that although rare, an order can be challenged if it is subsequently shown one party misrepresented their financial position to the point where it would have had a meaningful impact on what was a fair settlement for both sides.

Just because you disclose it, that doesn’t necessarily mean you will lose any of it.

What would your reaction be if he were to do the same thing? That’s a rhetorical question…….

I don’t think you should do it, for all sorts of different reasons.

JaggySplinter · 16/02/2023 21:39

You have to hand over 24 months of statement as a minimum, and he can ask for more if he thinks you're hiding money from him.

As PP have said, you can spend it on a deposit to rent a new flat etc before the divorce. But you can't hide it and hope to get away with it.

TheOrigRights · 16/02/2023 21:52

You could ask for it to be ring fenced. This was done for me for a small inheritance to me.

My ex emptied the joint account and cashed in a load of Premium Bonds. It didn't put him in a favourable light.

user1471548392 · 16/02/2023 21:55

I’m in a similar situation. I’m thinking of paying for a lovely holiday for me and the DCs with it - we’ll deserve it after all this. It can’t be shared if it’s spent, right?

ivegotthisyeah · 16/02/2023 22:08

Spend it and now
My exh hid a whole house from
Me!! And squirrelled money away to his parents for random stuff such as 'tools' ( that weird transaction always stays in my head) ' holiday' and money to his girlfriend and best mate.
Found the house after my solicitor and step mum went through his form E with a fine tooth comb we raised it in the court judge wasn't overly bothered about it but I did get a decent settlement

ElliF · 16/02/2023 23:07

If really Depends on how much we’re talking about.
£100K is much harder to deal with and £20K, and if you were talking about £5K I don’t imagine you’d have posted the question.

And we don’t know if this is going to be an acrimonious divorce or a mutually agreeable solution for all. But given that you have asked the question, I can only assume that you already expect this to go to court, discovery, and all that jazz.

There has to be someone here that is good a problem solving, but let’s just run with it....

Mrs A is getting divorced. It’s nasty. Knives out at the kitchen table. Lots of shouting. Mrs A is scared. Mrs A hires someone she knows and trusts to protect her, just in case she has an accident you understand. She pays Mr B £2000 a week, and so as not to enrage the scary Mr A, she uses her emergency fund, which of course is exactly why we have emergency funds, for when emergencies like this happen.

Now, I have no idea how Mr B squares this with the tax man, but if Mr B becomes so enamoured with Mrs A’s children and should make them a monetary gift, for their education you understand, or to help them on the property ladder, I don’t imagine that would be an issue, especially if it didn’t happen until after the divorce were finalised.

And if challenged Mr B says he was indeed contracted to work for Mrs A, but that having not encountered any physical threat from Mr A, and having met DCs, he had just divided he wished to pay it forward, because that’s what good people do.

...

Likewise, if you begin to experience electrical faults in your car, the ones that are intermittent and you can’t trace them, you may no longer feel safe driving DCs around at night in the car. You may find it safer for yourself and your children to buy a new car with a good reputation for safety. Something German maybe with the sort of price on has to spend for solid German engineering.

Then old car you gave to a friend, because she needs one and her husband happens to know about these things. You wouldn’t trust it again yourself, but they know about these things and if they choose to trust it, that’s their decision to make. It’s a gift. That are struggling and you were going to scrap it anyways.

The fact that after the divorce you decide you don’t like the new car and put it on the market, bought as new, 1 lady driver, 408miles on the clock, and your friend begs you to take your old car back, because it’s so you, and you have so many memories, and her husband has given it a thorough check over and there’s truly nothing wrong with it.

...

There are so many games one can play if your inside of your 2 year window.

wobytide · 16/02/2023 23:20

As long as you're willing to forego any assets built up in the last 15 years on a similar basis

It's a high risk move on both sides if you both intend to attempt to hide assets with courts potentially involved at some point

Grumpsy · 16/02/2023 23:23

Someone please explain to me why OP isn’t being heavily chastised when if this question was being asked by a man trying to hide assets from his wife in a divorce he’d be torn to bits…

STARCATCHER22 · 16/02/2023 23:25

Grumpsy · 16/02/2023 23:23

Someone please explain to me why OP isn’t being heavily chastised when if this question was being asked by a man trying to hide assets from his wife in a divorce he’d be torn to bits…

This. I can only imagine the comments that would happen if this was the other way around!

ArmchairAnarchist2 · 16/02/2023 23:25

Post again as a man then see what MN really thinks of this plan...