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Original poster

Husband drip feeding into joint account.

69 replies

Dabell · 11/09/2018 16:55

My husband and I are going round in circles arguing every day about money. We have a joint current account and he has a business account (I am named as a director in his business). I don’t work atm but we have been married for 30 years and I have brought up our children, supporting him and running the household when his work took him abroad frequently. In that time I have worked for probably 15 years.
Just lately he has started drip feeding our current account from his business account thereby not allowing me full access to the money he earns. I recently cashed in a pension fund and was unaware that the money had gone into our joint account. By the time I realised, my husband had transferred it into his business account. I keep asking him for access to it and he refuses saying that he works, not me and that I spend the money he earns somin effect the pension money is his.
I would really appreciate anyone’s advice as we are arguing all the time about this and when I say I am thinking of asking a solicitor for advice, he laughs at me, saying a solicitor will just tell me to get a job.
Thank you for reading

OP posts:

findingmywaytoday · 12/09/2018 22:33

Sorry op, no vitriol on my part. I wasn't saying he is "shady" but stand by my comment. You do need more transparency both personally and re the business.

I deal with insolvent companies on a daily basis and the aftermath for bystanders like wives that have agreed to be a director in name that are personally sued by liquidators when companies go under. I have seen wives made bankrupt and lose everything in an attempt to claw money back from creditors. Quite often husbands have deftly hidden money troubles as some (not all) wives choose to turn a blind eye / not get involved.

If things do go wrong saying you didn't know / realise will not absolve you of liability.

findingmywaytoday · 12/09/2018 22:34

*for creditors, not from

Beesandfrogsandfleas · 12/09/2018 22:41

It can be hard to realise what your spouse looks like to an outsider

zsazsajuju · 12/09/2018 22:54

Lol at that response. He took your pension lump sum from a personal account to a business account and won’t return it. I work in finance and tax and that’s definitely shady! As a director you should have control of the banking. Also you say he’s not going to leave- how do you know? No one benefits from “another divorce” of a complete stranger on the Internet. But you asked a question so we answered.

1Wanda1 · 13/09/2018 07:03

OP, I am a solicitor. A large part of my practice is litigation between directors, and shareholder disputes. Currently I have a case where my client (a woman) is being prosecuted on the basis of actions taken by a company run by her husband, of which she is a director. If convicted, she could be imprisoned. The fact that she was unaware of many of her husband's financial decisions taken on behalf of the company is not a defence to the prosecution against her.

If nothing else, then I strongly recommend that you take the advice I gave in an earlier post (and that others have given), that you appraise yourself of your duties as a director of this company, and either start taking the appropriate actions to fulfil those duties, including making sure you are involved in financial decisions taken on behalf of the company, or resign as a director. If you resign as a director, you will still be liable for any wrongful acts or omissions which occurred before your resignation, but will. It be liable for what happens after your resignation. However, in resigning, you will lose the right to be involved in decision making for the company and certain rights to information about the company. It is a decision on which you should really take legal advice before doing anything. If you are unwilling to take legal advice, then at least find out the basics about directors' duties, and your liabilities as a director to the company and to its creditors.

1Wanda1 · 13/09/2018 07:05

Sorry: will *not be liable for...

serbska · 13/09/2018 07:35

He is shady. You are shady. Being a director in name only is a stupid thing to do. ‘Sign here silly lady, don’t bother your pretty little head with the nasty details’.

Cornishclio · 13/09/2018 08:48

There are quite a few worrying statements in the OP.

Firstly did you get advice before cashing in a pension fund early? What financial arrangements do you have for retirement personally given you probably don't have an occupational pension now? Have you got a state pension forecast as you may not have sufficient NI contributions?

Transferring your personal pension into his business account and not allowing you access to it is theft unless there is some back story. Are you in debt?

As a shareholder director you should be able to receive access to the accounts and I strongly recommend you do that as it indicates to me his business is in financial difficulties.

If you are not considering divorce there is little point in consulting solicitors. How married couples arrange their finances is not legislated for.

I personally could not live like this and would certainly be looking for work and opening my own personal account. How old are your children?

SymphonyofShadows · 13/09/2018 08:57

It was me who said he sounds as shady as fuck. I also pointed out about the tax implications but you've chosen to ignore that. I am a company director and was concerned that he'd stolen your money. You just seem concerned that the nasty women on MN use sweary words. I'm going to use another one: get your head out of your arse.

ny20005 · 13/09/2018 09:02

Unfortunately taking the pension money wasn't theft

As soon as you transferred that money into a joint account, he had as much right to it as you did op

Either party of an account can take all the money out if the choose to

1Wanda1 · 13/09/2018 09:13

If you are not considering divorce there is little point in consulting solicitors. How married couples arrange their finances is not legislated for.

I disagree. The OP is a director of a company which appears to be failing, requiring cash injections from her personal pension pot without her consent. It is not unlikely that a man who would do this, would do other similarly unlawful things in the conduct of the company's affairs. As a director, the OP would be likely to be liable for such acts. Irrespective of whether she intends to leave her DH (which she obviously doesn't), she would be well advised to take legal advice on her position in relation to this company and its trading position.

Quartz2208 · 13/09/2018 09:19

I agree with Wanda this is not about divorce or their relationship as much as it is about a potentially failing company who is using cash injections to bolster accounts. As a named director she is liable and it is unlikely not knowing would be a defence because as a director she should know!

Presumably it is out of character for her husband but the stress of his company going under and banckruptcy would cause a personality change

WhitefriarsDillyDuck · 14/09/2018 16:35

You cant just put random money in your business account.

Ignore the fact that it was your pension for a minute- it was money from a joint account.

Either it was a loan to the company- so why does the company need money?
Or it was the repay a loan from the company? It is normal to have a directors loan- I usually settle mine just before I pay dividends. Was he repaying a directors loan?

If you are a director and not just a shareholder then do you have to approve loans in and out? When did you last vote on a dividend payment? What did the last set of accounts look like?

WhitefriarsDillyDuck · 14/09/2018 16:39

To add:

A business account is not his account. It is the account of the limited company. The money in the account does not belong to him. That is why it is very odd to put money in

Are you sure that it was to that account and not to another account in his name?

Easynow · 14/09/2018 19:11

Reverse?

FishesThatFly · 30/09/2018 06:50

Wonder if OP will be back

EndeavourVoyage · 30/09/2018 07:08

Dabell. It seems to me that he is just fed up of you not working and contributing to the household finances, so he is keeping the joint account as low as he can. He would have every right to take any amount out of the joint account wherever it came from, he has more than likely added it as a directors loan to stop you spending it. Not sure what your voting rights are and what percentage your shares are but you maybe should try and involve yourself in the business more, get yourself a job and start to pull your weight in the partnership he may then be more willing to let you have access to all the money.

compactloanfirm · 09/11/2018 21:20

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

findingmywaytoday · 09/11/2018 21:28

Did you actually mean to say you're FCA registered..? Clown. As if anyone would fall for this rubbish. I've reported.

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