have i been a financial mug?

[YallaYalla]

I am just seeking advice at this stage please. Been married a couple of years. In all that time DH has been supporting me financially as we moved overseas to follow his (highly paid) job. I have been working part-time, and any money I earned I saved.

Thing is because we were overseas and it was impossible to open a new savings account, and because interest rates were so terrible, we agreed that I would put my cash into his v high interest savings account. I used to make payment once every month or two, transferring a grand or two at a time.

Recently we set up a joint savings account. I have since been transferring my savings into this account, out of my existing titchy interest current account.

So - all my cash is either in 'his' name, or in a joint savings account which I guess I can't withdraw from without his approval.

Total amount I put in? Probably about 60K.

Where do I stand legally here? If we were to split could I ask for this money back? Or can I kiss it all goodbye? Is there any way to prove - say using old statements - that I made these payments? I don't physically have the old statements, but aren't these records electronically kept forever say by the banks?

TBH whatever account it's in - yours, his, joint I think if you are married it is 50/50 anyway.

You are relying on his support to be able to save the money you are earning. It is 50/50. Just as a husband/wife at home looking after children to allow the other spouse to work is entitled to 50%.

A joint account is 'joint and severably' liable which means that either of you can withdraw the full amount (or go overdrawn) without the other's permission. The account in his name he can do whatever he wishes with.

Sure, if you got divorced you could claim half of your joint assets but you're not going to get it back if he's already spent it!

Just because you are abroad shouldn't stop you from opening a UK account for your savings. If I were you I'd open one and transfer your money asap.

Married or not joint accounts benefit banks not customers and are generally not a good idea.

I'd get the money transferred into a UK account with a high interest rate, with only my name on it. Not all at once though, and not when he might be feeling suspicious.

Thanks for the answers wanted to clarify.

All the banks in question are UK accounts.

Lou - do you mean that on splitting the contents of all our accounts could/would be split?

Forever - I didn't realise I can withdraw say the full contents of our joint account without informing him. But surely he could do the same then? Also like you say - if he got suspicious he could move it, right? If I were to transfer money now he'd get suspicious. Out of interest - why are joint accounts a bad idea?

Just a thought, would you not be better off for tax purposes with the savings accounts in your name as you earn less? This may be an argument that holds water with your DH.

Why can't you open a UK savings account in your own name?

Yes Lady - we have/had thought about this, but the issue is that to open any UK bank account you have to be a UK resident, and neither of us are.

We could have opened overseas ones but then you get into what's covered by govt protection etc etc. So we have been jointly pooling money in savings accounts depending on what earns the highest interest. But unfortunately not much of it in my name.

I have been trying to persuade him to legally 'gift' me the property he owns precisely for these tax reasons as you outline, but he hasn't taken the bait yet

If you are separating talk to a solicitor with international knowledge and experience PDQ because under the usual international conventions the country where divorce proceedings are initiated first has jurisdiction. What happens to the solely and jointly assets depends upon the law of the country where you divorce.

I sorry if I'm being a bit dense but if neither of you are UK citizens then how does that leave you not having equal savings (acrued during the marriage) in your own name. If he can open these savings accounts, why can't you?

Get your money into your own separate account NOW. You have probably heard the phrase, a fool and his money are soon parted........

You may be married and friends today but you never know what's around the corner.