money/bank account in event of split

[Tweedledont]

Hi

Just a quick question really. Am considering telling DH I want a divorce. Things have been bad for a long time and for many reasons I now feel like I have had enough.

I had a windfall two years ago (large inheritance) that remains unspent, currently spread across various accounts, some in my sole accounts and some in joint accounts. I've had to do this to maximise interest on it.

I am planning on moving it all into my solo accounts in the next week.

If we divorce, will he be able to make claim to half this money? I am trying to work out how much cash Ill have for a deposit on a new place, and if I have to relinquish half this money my options will be seriously limited.

Morally DH shouldn't ask for any of this money as it was from one of my parents on their death, so morally the money is completely mine although I am aware that as we are legally married, this money becomes our 'joint assets' and as such is split 50/50. Is this right, or do I have it wrong?

Thanks

Hello Tweed,

Any assets acquired by either partner during a marriage are considered marital property. There are certain documents that can be drawn up prior to the marriage that may affect this, but not even these are watertight.

Whether your (soon-to-be-ex)DH would morally take the money is a different matter; after a breakup, instigated by you, I wouldn't count on him relinquishing his claim to these assets.

Good luck and stay strong!

NW

Thanks North.

I don't think he'd try and claim the money but as I have found out to my detriment in previous relationships, things can turn nasty if there's money involved so I'm trying not to take any chances. Am thinking that if all the money is in my bank accounts then it might take him longer to get to it, by which point his morality might kick in and he might realise he's being an arse.

Where would I stand if, for instance, the money ended up in one of my relative's accounts?

I'm not sure of the law now so don't quote me on it but I know that when my parents divorced about 10 years ago my father moved quite a lot of money into his parents bank accounts and sold furniture etc and my Mum was told that he was allowed to dispose of marital assets while still married.
Best to ask a solicitor I think

You should not dispose of any assets... It could get you into serious trouble!!!

The money may not be touched if there is enough in the 'marital pot' to meet both of your needs.(housing etc)If not then the money will be added in.

Nothing in divorce is a certainty however and you will need legal advice.

Where would I stand if, for instance, the money ended up in one of my relative's accounts?

As he knows about it you will be asked to prove where it is. You shouldn't lie about it as again it could land you in serious hot water.

he was allowed to dispose of marital assets while still married

If there is evidence of assets being disposed of at below value in order to minimise the divorce settlement the courts can unwind the transactions involved.

Tweedledont - You will have to declare this money and it will go into the pot to be split between you. Whether or not you will be able to keep it depends on a range of factors. No-one here can answer that question. Consult a solicitor who specialises in family law. But I agree with EarthWindFire - you should not attempt to hide this money.

Thanks for the help everyone. I think
I'll find a local solicitor for a free half hour

Sorry for the late reply Tweed!

In response to your question moving them into a personal account is unlikely to have any effect as these are still counted as marital assets. Although I would not advise it, moving the money into a relative's account would slow down the process as it would have to be proven to have been a valid marital asset (not hard, but would take a little time to reverse the transaction ect). This may give him time to realize the morality of the action, however he could just demand a larger portion of any other assets to make up the difference.

Good luck with the solicitor :)

NW

yes dont hide assits its a very bad idea as my friend tried to do this with £50,000 inheritance from her mum and hid it within her sisters account and lied to the judge that she was pennieless and the only maritail assit was the house (as she had children would of had majoty of)

He EX produced bank statements proving that she had attempted to despose of assits and her settlement changed for 50% of his pension 50% of his savings (£15,000) 80% of the house to 0% of his pension none of his savings 50% of house value AND had to give him 50% of the "hidden" assist oh and also had to pay all his legal costs which was very high as was a messy divoce as she wanted to take him to the cleaners

so basically it worked out that she actully lost soo much more than if she had not attempted to hide the £50,000. so be very very careful if the assits cannot be unraveleid he might be awards the value from other assits which could include gaining the majoty of the house (even if its a mesher order until children have left full time education)

but if you are in scotland inhertance is exluded from settlements as under scotish law it is not consided a marital assit

Not sure why I wrote NW, I was writing my reply in her style and copied her sign off... I blame jetlag.