Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Divorce/separation

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

Flip

Original poster

Savings accrued since separation

20 replies

curlywurlylover666 · 18/05/2023 10:07

We're separated and have dissolved joint finances and bank accounts etc. At the point we split up, we also halved our savings pot so he could set up and start again. We're not talking massive amounts, less than £10k each.

So my question is, if I accrue savings via my own means, ie I save from my wage, at the point we divorce and finalise those papers, would my accrued savings be taken into account and have to be split?

I obviously will disclose all assets at the time, I have absolutely no intention of not doing so or hiding anything but wondered if I would be penalised for managing to save some money since the date of separation occurred. 🤔

OP posts:

LemonTT · 18/05/2023 10:38

Quite possibly but it depends on context.

If one party is burdened with costs associated with the marriage post separation and the other isn’t then it’s not fair. If the source of the saving is considered a product of the marriage then it should be split. For example if it is a redundancy payout.

It would also be possible for the other party to reopen the split on the savings.

Original poster

curlywurlylover666 · 18/05/2023 14:12

Thank you for replying. I know we can each claim against each others finances such as if we had a large inheritance etc unless the financial order is in place.

The savings would just be accrued from my day to day wage, me choosing to save as opposed to taking us on holiday for example.

I guess he could argue he does have costs post separation as he is effectively starting all over again. Howevee, He's taken nothing from our house despite me telling him to and me being willing to split our belongingz and assets at home, including the family home.

It doesn't seem fair if the savings come from me being sensible and not splurging on luxuries like holidays etc that then he's entitled to half.

OP posts:

ivegotthisyeah · 18/05/2023 14:15

You are me sensible with money, my advice is to go on that holiday as it all gets laid in the table as assets in the divorce. I didn't have that much saved after separation but can remember purchasing a rather expensive ( but needed) mattress prior to my forms being filled in 🙈

Magmum75 · 18/05/2023 15:36

Great question OP, as I am wondering the same. I have been scrimping to ensure I can cover legal bills and that my lifestyle will have to downgrade post divorce but is this saving worthwhile or will it all get split anyway?

I know we have to lay things bare for Consent Order.

H has been living the highlife with holidays away with OW, presents, socialising etc - none of which will count towards any assets, I can share.

At what point will what will my savings/income be mine alone?

LiliLil · 18/05/2023 15:37

Have you signed a separation agreement? That’s what my ex and I did and included all financials. They are not legally binding but are given weigh in court.

Original poster

curlywurlylover666 · 18/05/2023 19:12

Thanks everyone. We haven't signed anything and have no plans to file the divorce papers yet. We're all very amicable at present ie he wants nothing from the house, won't make me sell it even though I don't think that is fair, he is basically walking away with nothing. We are both reasonable and decent, and I know for one I would never try to take anything from his which I was not entitled too, ie when his parents pass he will have a sizeable inheritance pot. It's just not me and nor is it in his nature to do that (I know this might change though despite me thinking we know each other!)

Reg the savings, I'm trying to build up a decent savings pot so I can be comfortable knowing I've got a bit of money for an emergency. It isn't going to be massive amount but it does seem rather unfair that if I can save a little something, whilst being on a single income and budgeting then it should be mine.

I will look at a separation agreement, thank you all.

OP posts:

Shadyladyo · 19/05/2023 17:11

I asked my solicitor this exact question yesterday!! She said technically yes, but in reality no - no judge would demand money you can prove you saved by yourself after separation should be shared, especially if not a significant amount.

Shadyladyo · 19/05/2023 17:14

he wants nothing from the house, won't make me sell it even though I don't think that is fair

yes mine said this. 2 years later he changed his mind and demanded all sorts. Get the financial done now whilst he’s still amicable.

Plus you’re not entitled to any future inheritance so that’s a moot point.

Original poster

curlywurlylover666 · 19/05/2023 18:27

Thank you, I assumed if be entitled to half of any future inheritance (not that I would want it or pursue it anyway!)

Can I do the financial stuff without divorce? Although I'm not sure why we aren't going to just file the divorce papers and be done with it.

OP posts:

Original poster

curlywurlylover666 · 19/05/2023 18:27

Thank you, this is helpful to know.

OP posts:

Crossinsomekindaline · 19/05/2023 19:30

If I were you I'd be withdrawing any excess each week in cash to spend on 'essentials'. No lump sums, no more than 2 or 3 hundred at a time.

Then as far as assets go for the financial order, anything not in your bank is between you and your sock drawer!

Obviously only money you've earnt since the separation. It would be immoral to try and hide marital savings.

Original poster

curlywurlylover666 · 19/05/2023 20:04

Thank you for your advice. I would never try to hide anything from the courts or from my husband.

It makes me sad that he wants nothing from our home and is starting again with nothing. He is living in a dump with bare minimum belongings and refuses to let me help him. He deserves more than that.

I am of the view that all our assets should be split fairly so we can each have a chance of starting again, so our children have a good standard of living in both homes but just don't think any savings I accrue since separation should count. Thanks again.

OP posts:

youhavenoidea123 · 19/05/2023 22:55

OP I took mine out as cash each week while I was going through my divorce. Cash back at shopping so it wasn't obvious.

Twinkle6 · 20/05/2023 01:28

This reply has been withdrawn

The OP has privacy concerns and so we've agreed to take this down.

Shadyladyo · 20/05/2023 10:26

No court will approve a divorce financial contract where one person walks away with nothing - unless he’s a million £ earner or something. They would reject it

GoodLies · 20/05/2023 10:32

You have to declare all your savings so I thought it all went in the pot and not treated separately.

When I divorced, exh had his eye on everything and questioned what I had bought since separated even though he had been on a flash holiday (photos on Facebook) and he was asked about that in court.

There was an overall financial settlement eg 60:40 rather than you keep that, he keeps that.

GoodLies · 20/05/2023 10:33

I wouldn’t have thought it would be worth your while saving a lot.

peanutbutterkid · 21/05/2023 00:41

We haven't signed anything and have no plans to file the divorce papers yet.

Why in world not?
Amicable divorce in England, you've got a 20 week wait after filing the 1st forms, and then more weeks after that for (I'm not totally sure specifically what, I find the whole thing confusing, but next financial and then final split).

But definitely 20 weeks to start. Why are you delaying when you want a clear financial separation asap ?

Original poster

curlywurlylover666 · 21/05/2023 07:07

That is a very good question. I was pushing for papers to be signed but that was when I was in a very hurt and wounded place and i realised I was doing it out of anger and malice and didnt want to sign them without thinking it through properly.

I'm now alot calmer and more rationale but we're still in the very early days of separation and to be fair I haven't thought about it again. I'll have a think again because whilst I know we won't reconcile at all, it all feels very final not to mention devastatingly sad.

OP posts:

TrueBlue59 · 21/07/2024 22:24

Been separated 9years we had 100£thousand in savings and partner has been refused me a divorce but been milking the savings away given 51,000£ to eldest son who I have found out he is not of my blood. We had isa's. What is my legal stand on this if anyone has adviceme .she has been using my children as weapons against me as I have been silent since broke down after 40yrs together.

Flip