What would happen ...

[gracehedley]

Situation is we are divorcing, already have decree nisi, and have submitted our financial details (Form E, was it called?). I have savings in my own account, husband doesn't have any. He is looking forward to getting a large share of my savings. What would happen if at this stage in the proceedings I divided the savings in to 3 accounts for my 3 sons - meaning I don't have savings any more, therefore he wouldn't receive the cash either? Is this do-able - would there be terrible repercussions?
Thanks for advice

Any thoughts please

Unfortunately I dont think you can do this. I wanted to put my property in my sisters name but I couldn't.
I hope the law is different for giving it to children. Hopefully someone who is legally qualified will be along soon

The courts have powers to prevent the disposal of assets or set them aside where the intention is to reduce or eliminate any payment to your ex. As far as the courts are concerned you would still have the savings and he would still be due his share.

You are allowed tax wise to gift your children up to £3k I think. Does one of them have a special birthday or other reason to celebrate that you could share between them?

If it was your DH who had the savings, would you think it fair for him to give all the money away to avoid giving any to you? Especially when he knows that half could well be deemed yours? Thought not.

Unless you can show it is a pre-marital asset, of course.

s37 of the Matrimonial Causes Act 1973. You'd find the kids ordered to repay the money to you, and you'd be ordered - quite rightly - to pay your husband's costs.

2 of my 3 children are not his. He has never provided for them and never will. I wonder if that makes a difference? If we had stayed together, the money would be there for them - but because we are divorcing, that means they will lose out. Not fair on them is it?

Agree with Collaborate. You cannot just 'dispose' of assets to avoid the possibility of your soon to be ex husband receiving a share. It may well be that he will not receive any in any event. Without knowing all the financial circumstances it is impossible to say.

isityouorme that is in relation to inheritance tax avoidance not ancillary relief proceedings.

How old are the children? My ex wanted pretty much everything in our divorce but actually ended up with very little as I kept the largest share with as I had a greater need to provide for the children

I would state the savings are for the ds as you will have costs of keeping them or supporting them through uni or college, if they are under 18.

Yes, but she has disclosed the money as HER savings in her Form E which is sworn on oath. If she suddenly know transfers the money to her children it will look like she has done so only to avoid her husband having a share. It is a matter for the Courts to decide whether those savings form part of the matrimonial pot and the DJ may well take a dimm view to her transferring money after proceedings are underway.

oh dear, it is rather depressing. The oldest 2 are 18 and 19, but 18 yr old still in education. Their father doesn't provide for them, and if I don't set the money aside for them, it could very well be that they miss out on a lot. Suppose I should have thought of this before

Then talk to your solicitor about this - as if you are honest with him/her and then you can put your case in that you want the savings to go towards the education of your dc.

Surely you can try to negogiate?

Just don't do anything silly like try to hide the money as you will end up with egg on your face and a cross solicitor

There's no point trying to hide the money - not before, not now, not ever. Just talk to your solicitor about your anxiety over the settlement in relation to funding your children's education and their future security.

I can't see that your ex-DH has much going for him.