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Do I have any control over DH's savings?

4 replies

CloudWallaby · 11/04/2014 03:13

My DH has significant savings (mainly inheritance but also from years working in a high paid profession). This is mainly invested in shares etc. He has never owned a property, ostensibly because he never wanted to stay in UK (we were there for 7 years but moved to Australia last year - I'm british, he's australian). Now we are in his country he is finally ready to buy a house with the money - only he doesn't have a job. If (theoretically) we were to split, would he be under any obligation to share his savings? (We have 2 small children and I work). Or am I screwed because I'm the one with the (lowish) income but no savings under my name? If the latter, would I be less vulnerable if we bought a place, even if it is not ideal? He is a risk taker by nature and I think there is a reasonable chance tht he would want to do something risky with the money like start a business (I have a very strong instinct that this would be a disaster...)
I know the fact that we're overseas makes this more complicated but given that we may be returning and this is only theoretical at this stage I'd appreciate any input as to how I can make me and the children less financially vulnerable.
Thanks

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MooseBeTimeForSpring · 11/04/2014 03:36

Did he accrue the savings and receive the inheritance whilst you were married? How long have you been married? Did you live together beforehand and if so, for how long?

CloudWallaby · 11/04/2014 07:47

Married for 4 years, lived together for 6. Yes, he accrued most of the savings and got the inheritance before we met. I have a horrible feeling if anything happened he'd be classed as main carer (children in childcare but he's not working..) and I'd be obliged to support him rather than the other way round, despite the fact that he has lots of money and I have next to nothing.

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CogitoErgoSometimes · 11/04/2014 08:42

It's probably worth getting legal advice if you think that you splitting up is a reasonable possibility. In the UK at least, assets acquired pre-marriage are usually left out of any divorce financial settlement but, the longer you are married, the greater the claim you potentially have. Savings or assets acquired during the marriage are deemed to be joint so, if he purchased a family home with money from prior to the marriage, I would say that then became a joint asset.

Definitely worth talking to a solicitor if you're feeling financially vulnerable.

CloudWallaby · 11/04/2014 12:02

Thanks so much for replying. No plans at all to split up at the moment, just want to make sure I don't get a horrible surprise if the worst did happen.

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