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is it legal for me to take large amount out of joint mortage/current account?

8 replies

desperatelyseekingsomething · 24/07/2012 19:46

you will see my situation if you search my other threads (sadly)

we have a combined, all-in-one mortgage and current account. we are doing well, ahead of plan etc. both our salaries are paid into it, his is much more than mine because i am also fully responsible for dc's, childcare etc - so this evens things up imo. we have a large amount of equity.

if we split, he would be able to easily get another mortgage, pay existing one or whatever he wants basically, while I would still have low earning due to childcare responsibilities.

I know that in a divorce, I am entitled to half, etc etc but I feel that if we seperate, h will delay as much as possible to cause max problems, given that i have told him several times that we are no longer a couple and he has dealt with this by, er, pretending i haven't said it. So my theory is based on experience of him - I could genuinely see him sticking his head in sand, meanwhile I would need to be getting aplace to live.

originally, i thought about me and dc's staying in family home, for stability - however, I now see that this is going to be made impossible for me. I am on the edge of madness as it is.

my question, morals aside, is this: is it legal for me to take my half of the equity out of this joint account which both our names are on? literally, just what I would get at the end of a long drawn-out divorce battle anyway?

or could I get into trouble with that? this is just a plan at this stage, legal opinions welcome.

Am probably going to copy and paste this post onto other areas too, such as relationships or money maybe, but for now, can anyone enlighten me? has anyone done this?

thanks in advance.

by the way, i know this username looks like i only post when i'm asking something - i'm a daily lurker and semi-reg poster under another name but just created this name for marital probs.

OP posts:
babybarrister · 24/07/2012 21:55

This reply has been deleted

Message withdrawn at poster's request.

iheartdusty · 24/07/2012 23:16

also - half might not be the fair division. For example, it might be fair for you to have 70% of the equity. Or 80%. Or 25%. Or it might be fair not to split the equity at all until the children are older. It depends on the whole picture, and what you each need.

babybarrister is right - get specialist legal advice.

desperatelyseekingsomething · 25/07/2012 10:18

thanks for advice babybarrister and iheartdusty.

I haven't actually done this, it was just one of my possible options, but I will take your advice on this one, thank you, x

OP posts:
desperatelyseekingsomething · 25/07/2012 10:20

by the way, in case it wasn't clear - i wasn't intending to 'hide' this money in any way, it would be to immediately use as a deposit on a home for me and dc's.

OP posts:
desperatelyseekingsomething · 25/07/2012 10:26

ok, as my first question seems like a bad idea, another question:

if I had another amount of money, which has only ever been in an account in my sole name, If i use this as deposit on a house, that is not a problem is it?

if I set up new mortgage, using that money as deposit, my name only, for the purpose of that house being my and dc's home, that is legal and ok?

surely that would not be an asset that can be frozen would it, i.e. the home for me and dc's to live in?! I wouldn't be making anything out of it, if you see what I mean.

thank you so much for advice so far anyway.

OP posts:
Collaborate · 25/07/2012 11:16

Not if you do it openly (ie tell him what you're doing before you do it). The danger is that on the cusp of completion the court freezes your funds, putting you in breach of contract.

babybarrister · 25/07/2012 13:38

This reply has been deleted

Message withdrawn at poster's request.

Fluffycloudland77 · 25/07/2012 13:43

My DH's ex took money out of their joint mortgage without telling him.

We had her arrested for obtaining goods by deception as she forged his signature to do so.

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