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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.

Original poster

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:
TheOrigRights · 17/02/2023 10:29

Not declaring truthfully, or trying to hide assets by moving them, is a criminal
offence

This.
Frankly I think it's pretty disgusting how many people think it's OK.

AndSoFinally · 17/02/2023 10:47

Does it change the answers if the husband spent the last ten years merrily buying whatever he liked when he liked and plenty of alcohol every week and the wife lived frugally and squirrelled away every penny for precisely this scenario so she had enough money that leave?

It did for my friend. Her and her DH would each get £500 a month for personal spending which came out of the joint account. She saved most of hers and he spent his. On their divorce, she could show exactly where hers came from and that he had had the same. The judge agreed that those assets had already been split 50:50 at the time they were dished out and so she didn't have to share. She had about £15k in there, so not an enormous amount, but not nothing either.

Butitsnotfunnyisititsserious · 17/02/2023 10:52

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.

Course he would. But for some people on Mumsnet, a woman can do no wrong.
would you be happy him hiding money or assets from you?! I bet it would be a no OP

ElliF · 17/02/2023 11:07

Butitsnotfunnyisititsserious · 17/02/2023 10:52

Course he would. But for some people on Mumsnet, a woman can do no wrong.
would you be happy him hiding money or assets from you?! I bet it would be a no OP

Show quote history

Not at all.
There are more posts on this thread ripping OP apart than anything else.

I’m well aware it’s a crime, and I do note condone criminal activity of any sort.
I am merely pointing out the mechanisms by which these sorts of things may occur and the excuses that are be used to justify them.

People lie all the time. In divorce. In child custody. To the Police. To judges and juries. Every day across this land. They are all breaking the law. This is why we have a judicial system in the first place.

Reugny · 17/02/2023 15:53

I know someone who was in the same situation to the OP. He was advised by his solicitors to stop working and pursue the "artistic" career he fancied which meant he had to live off his savings. (He was very generous to people both in money and time during that period.) In his case though his ex had cheated and was living with the other man. She attempted to lie in Court she wasn't living with the other man to get a larger percentage of their assets but there was loads of evidence that she wasn't living alone so she had to admit in Court she wasn't living alone. Anyway he didn't spend all his savings.

So OP if you fancy taking time out to pursue some sort of artistic career and/or simply need it to live on, with your new partner, then you aren't hiding your money.

knittingaddict · 17/02/2023 15:57

ArmchairAnarchist2 · 16/02/2023 23:25

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

No need. I know what I think and I think it's wrong to do this, regardless of sex. It could also cause all sorts of issues. Money like this needs to be declared. My daughter went over her ex's accounts with a fine tooth comb. I'm betting he did the same.

FredPolice · 17/02/2023 15:58

I would say it's disgusting if a man were proposing to do this, and it's equally disgusting when it's a woman.

bellac11 · 17/02/2023 16:07

peeweechigs · 16/02/2023 23:38

Does it change the answers if the husband spent the last ten years merrily buying whatever he liked when he liked and plenty of alcohol every week and the wife lived frugally and squirrelled away every penny for precisely this scenario so she had enough money that leave?

Certainly not and if a man came on here saying that he was trying to hide the money because his wife was a free spender and had a bit of a drink problem, he would be called a liar and every name under the sun

EarringsandLipstick · 17/02/2023 16:16

I see where OP is coming from. But you need to follow the rules - as others have said, a man would be lambasted if proposing this.

I am in the process of a divorce (Ireland, so a bit different).

The level of scrutiny has been unreal. I transfer some money into Revolut account each month for my DC pocket money - about €90 - and I was asked for statements for it. On the other side, he has been augmenting his rent (rents from a friend) & I know it, so we've had to push & push for full disclosure.

Trying to do this is going to make you look bad. You need to disclose your assets.

ElliF · 17/02/2023 16:26

All the more reason to protect your assets during the relationship if you choose a partner you cannot trust.

ElliF · 17/02/2023 16:26

... and not after the event.

TaRaDeBumDeAy · 17/02/2023 16:28

Can you buy something very expensive from your parents?

TaRaDeBumDeAy · 17/02/2023 16:28

And then get a refund after the divorce.

Lovemusic33 · 17/02/2023 16:32

Spend it now on things you may need….furniture, new tv etc..? Then store the items at your parents?

I don’t think you can just move money to your parents account without it causing issues, it will show up on your bank statements.

Lovemusic33 · 17/02/2023 16:33

Or buy an expensive piece of jewellery for yourself with it? Gold holds value?

Theos · 17/02/2023 16:33

This is dishonesty.

ElliF · 17/02/2023 16:58

Theos · 17/02/2023 16:33

This is dishonesty.

Welcome to divorce.
If you need to do this sort of thing, you should have planned it years in advance.
If you had the foresight to plan something like this years in advance, you probably would have had the intuition or foresight to not marry the other person in the first place.
So divorce is an inherently dishonest scrabble between opposing dishonest people.
If we were honest people in the first place, and we lived our lives with foresight and planning, divorce would not require courts, and they would be a substantially rarer occurrence.

Circe7 · 17/02/2023 21:55

Hiding assets on divorce is illegal. It’s one of few forms of conduct which can affect the settlement.

Making sure you are holding a reasonable portion of joint cash assets during the divorce process (which can be very long) and using those to fund expenses is fine as long as you’re transparent about what you’re holding.

Cuppasoupmonster · 17/02/2023 22:03

You can’t do it OP, it’s hiding assets. It puts your parents in an unfair position and will come back to bite you anyway.

Theos · 17/02/2023 22:06

No, like legal dishonesty like shit

inloveandmarried · 17/02/2023 22:23

12 months from the day of transfer. However, you must legally declare this if it's under the 12 months when the financial declaration is made.

Mumof3confused · 18/02/2023 08:43

How much is it, Op? And when are you getting divorced? Form E requests 12 months worth of bank statements.

Your best bet would be to spend it. Put some money on account with your solicitor (you’d be surprised how fast they burn through your money). Book a (refundable) holiday well in advance. Use it for rent/setting up your new home. All legitimate expenses which won’t raise any eyebrows. Also withdraw some cash - any cash held under £500 does not need to be declared.

All assets have to be declared so no point buying gold/car etc.

otherwayup · 18/02/2023 08:53

Just imagine if op was a man asking how to hide his assets from his wife before they divorced.....

How different the responses would be!!!

Veryniceindeed · 18/02/2023 10:05

You could spend it eg buy a new car but you have to declare all assets including the value of any vehicles you own. The value of our cars was a major bone of contention in the courtroom in my divorce.

mug2018 · 18/02/2023 10:18

My solicitor advised me to 'Spend it' ... so I gave my savings to my cousin and closed the account
I 'owed' her the money as she had previously lent me money for a car and then after the divorce she lent me some money I needed to re-decorate my house

If you see where I'm coming from