Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

H wants to cash in ISA, but I am receiving legal aid. Would it affect it?

57 replies

messyoldmess · 11/10/2006 15:55

I am in the process of seperating from my husband & have been told that I qualify for legal aid.
We have around £13,000 in an ISA, which H is now very keen to cash in, but I am unsure as to whether having my half of this money will go against me re the legal aid that I have been told I am entitled to.
I have made an appt to see my solicitor, but the soonest they can fit me in is the 30th of this month.
My solicitor knows that there is money in an ISA, but we have only recently found out how much.
Should I try & stop H cashing it in yet?
They asked a lot about savings when I filled out the form & I am not sure whether cashing this ISA in is a good idea right at this moment in time.

OP posts:
Original poster
messyoldmess · 11/10/2006 16:07

Anyone??

OP posts:
SherlockLGJ · 11/10/2006 16:08

I have no idea, but I wouldn't, what does he want the money for ??

Original poster
messyoldmess · 11/10/2006 16:13

I have no idea, sherlock! He seems in a big rush to get things like this done for some reason.

OP posts:
SherlockLGJ · 11/10/2006 16:14

I would not trust him as far as I could thrown him to be quite honest.

SenoraPostrophe · 11/10/2006 16:14

if it's that easy to cash an isa in then I'd be very surprised if altered your entitlement to legal aid simply because it should already have been counted in your assets. hasn't it?

badkarma · 11/10/2006 16:15

Do you mean you qualify for legal aid for the divorce? Sorry, I don't understand.

Original poster
messyoldmess · 11/10/2006 16:17

When filling out the forms, my solicitor wrote down that there was an ISA, but unsure of amount in it.
Not sure if it should be cashed right now though, as it will suddenly appear that I have extra savings in my savings account.
I don't know? I find it all a bit confusing!

OP posts:
Original poster
messyoldmess · 11/10/2006 16:18

Yes, karma, for the solicitors fees.

OP posts:
Original poster
messyoldmess · 11/10/2006 16:19

I should have said divorce rather than seperation! I am at the seperation stage atm!

OP posts:
badkarma · 11/10/2006 16:25

Are there any kids involved?

I would wonder why, now, all of a sudden dh wants to cash in the ISA. And are you sure he would give you your half of it at all.

Original poster
messyoldmess · 11/10/2006 16:27

There are two children involved, karma.
The ISA is in both names, so I would have presumed we would both have to sign to cash it in.

OP posts:
Original poster
messyoldmess · 11/10/2006 16:28

Which I am assuming would result in two seperate cheques

OP posts:
Original poster
messyoldmess · 11/10/2006 16:34

He is seeing a solicitor for the first time next week.

OP posts:
Blu · 11/10/2006 16:35

But if your name is on the ISA, half is yours anyway, whether or not it is cashed in, iyswim.
I think it might be a good idea NOT to cash it in as your H is almost certainly planning to pretend HE hasn't got the money...in order to evade some of his maintenance responsibilities? Would that be a possibility, at all??

Tell him it doesn't make any difference where the cash actually IS atm, so you would just like to leave it where it is until all the details of the divorce are sorted.

Unless you get more expert advice from another better qualified MN-er!

Blu · 11/10/2006 16:37

And he shouldn't do anything before he (allelulia! At long last!) sees a solicitor, either.

Original poster
messyoldmess · 11/10/2006 16:39

Yes, it could well be his plan, Blu, I hadn't thought about that!
He is giving me the "It might go down if we don't cash it in now" line!

OP posts:
Xales · 11/10/2006 16:59

He want's his half to use up before it's included in the divorce/seperation so you can't have it.

ISAs generally don't go down if they are left there long term.

Sorry bit cynical there I think.

Can he withdraw on just his signature? Inform the ISA people in writing that you do not agree to this being cashed with out your confirming this to them.

Freckle · 11/10/2006 17:39

Generally speaking, any assets which are part of the dispute for which you are receiving legal aid are not taken into account when calculating entitlement - at least that used to be the case. So, e.g., if you are entitled to a large amount of money from the equity of your house, that will not be taken into account because it is an asset being dealt with in the divorce proceedings.

I would suggest that you do not agree to realising any assets until you have seen your solicitor. I suspect your OH wants to get as much money now so that the courts can't award you a greater share than half.

TheBlonde · 11/10/2006 17:48

I didn't think ISA's could be in joint names?? Feel free to correct me

Original poster
messyoldmess · 11/10/2006 17:55

It is definitely in both our names, Theblonde. I don't think he can withdraw on just his signature, but I will find out.
He probably does have some plan in mind. He is finally seeing a solicitor because he is unhappy that he may be expected to pay out more money for the children than he originally thought.

OP posts:
GhoulsToo · 11/10/2006 17:59

I thought that Senora

LIZS · 11/10/2006 18:01

Can't be joint according to this site , is it defintiely an ISA ? Would n't agree to him disposing of any investments for now - can you make copies of all passbooks etc .

Original poster
messyoldmess · 11/10/2006 18:10

Pretty sure it is an ISA. He has always referred to it as an ISA, but it is definitely in both names, as I get statements sent through in my name.
He started it up & it is him that has been paying into it (our bank accounts have always been seperate), but I will check up on it.
My solicitor didn't seem to doubt that the ISA could be in both names, he just said that it could be used as a little extra on the equity.
I will not allow him to cash it yet.

OP posts:
TheBlonde · 11/10/2006 18:12

Check the statements

You could in theory have a joint account with one provider but the ISAs would still need to be separate and in individual names

Original poster
messyoldmess · 11/10/2006 18:13

I will check the statements.

OP posts:
Swipe left for the next trending thread