Division of savings in a Divorce

[mrsmciver]

Been married for nearly 30 years. Separated for 9 weeks.
Exh gives me a certain amount of money every month, but it is not enough. What would happen if I used the savings account for things? When it came to dividing the savings account would any money I have used out of it come from my share?
The savings accounts are in my name.
Thank you

I am really worried about this. I have my 16 year old daughter still in full time education living with me.

Anyone?

bump, anyone there? Advice much needed.

You need a solicitor, have you not consulted anyone yet?

Yeah, get advice.
What level of child support is he giving - I know I paid for my kids through tertiary - I thought 16+ was still mandatory supprt from him.

What's "enough"? Is he paying for the house [for presumably his daughter?] to live in?

Does he work? Does he have a pension? All of that comes into play, as well as just the savings...

He is giving me enough to just about cover the bills. Not much left over for clothes, dentists, quality of life etc.

I don't work due to health reasons. He works. We have no mortagage on the house. It is paid in full.

He wants his daughter to go to him if she needs any money for anything but she refuses to do that and is working extra hours in her saturday job to help her get by. She is not speaking to him.

If the accounts are in your name then you can do what you want with them. What you take out of it may come out of your settlement, but frankly no one could say at this stage as it depends on the kind of settlement you end up with - ie is it based on a percentage split with little regard to need (ie basaed on entitlement), or is it based more on need.

Take some formal advice from a solicitor.

Go and get advice.
9 weeks in. You should have done so already.

See www.cmoptions.org/en/calculator/ for a maintenance calculator effectively it would likely be 15% of his income for one child provided child is:

is under the age of 16;
is under the age of 20 and in full time non-advanced education or approved training, or:
is under the age of 20 and child benefit is being paid for them, and
is under the age of 20 and has never been married or been in a civil partnership

You'd normally expect to get a 50% equity split... I don't know about maintenance, but I don't believe he'd be expected to keep you personally for ever...

You wouldn't "normally" get any particular % split. If one is earning much more than the other, after a long marriage the split will skew in favour of the lower earner,
Highlights the need to take proper advice.

I think I said Yeah, get advice. Go and get advice.

If someone's fretting about spending some money out of savings... and is sitting in a house with 100% equity...

They can expect to get more than "some of the savings".

But as you said Take some formal advice from a solicitor. take proper advice

But then UnexpectedItemInShaggingArea said You need a solicitor, have you not consulted anyone yet? and the headin of the forum says: we would suggest you consult a lawyer

See a solicitor.

Then spend what you need from the savings. What's the worst thing that can happen - it comes out of your share? So what? You've got to live.

Why are you 'really worried' about it?

I am really worried about it because i cannot work because of my health and am so worried about touching any savings because I will need them for the future.

If your health worries impact on your earning capacity it is likely the court will decide your 'needs' are greater than his and you could end up with more than 50% of assets.

But it is impossible to advise without having full disclosure from both of you. Go and see a good solicitor now and get ball rolling. Use money from savings if you need to.

If you need to use some of the savings to maintain a reasonable standard of living then you should do so but keep records of how the money has been spent.

As said above, seek legal advice.