Savings/separation

Ivyleaf_2

Hello,

I am separating from my husband (we've been married 8 years and have no children). We have a joint savings account plus sole savings accounts each. I think we will probably end up getting divorced; in which case, will he be entitled to any of the savings held solely in my name?

Many thanks

Any

If it was gained while together, shouldn't everything be 50/50?

I think this is really a question for a lawyer..

Ivyleaf_2

I imagine that will apply to joint savings but I'm still saving and he isn't and has taken quite a lot out of our joint savings for various courses etc, which I don't see getting paid back. I'm not interested in 'ripping him off' but don't see why I should keep saving even in my own name, only for him to take half or more! I've always saved harder than him and would like to safeguard my future now, but I'm not sure if he'll have a claim on savings in my name alone.

Any

I know. That is why divorce lawyers earn so much money. It is not always fair. But you have no children etc so at least you don't have to worry about that.

Are you sure you won't be able to settle between yourselves? As long as you decide on how to split everything between yourselves there is no reason to involve lawyer etc.. And he might very well agree with your sentiment?

bestpud

I don't know the answer but I suspect he does have a claim on it.

I say that as I know someone whose mother died after she'd separated from her husband, but before they'd divorced, and he took half of the inheritance when they did divorce. They had children and they stayed with her.

I also know of a couple who were in a council house and the one had savings but the other didn't. They allowed the one without savings to stay in the house but she got to keep the money in exchange. They didn't have children.

I suppose it can be argued you managed to save that money while within the relationship, and sharing outgoings etc...? Could he show you'd done that because he paid more of the bills etc?

MrsTinks

Really it's a question for a solicitor... but I suspect it comes down to the judge if you don't agree on how to split the assets... and I guess they may find in your favour or decide the fairest is splitting it down the middle... That's just a guess though

To make really sure that anything you put aside after you split is kept seperate you could always set up a new savings account and anything you save from now on is put in there? At least then it would be very clear it was saved AFTER you stopped sharing expenses etc

N1CKC

I am in the same situation myself, and it seems that technically you have to split everything 50/50 whether it is on sole or joint names.
If you can agree on something between yourselves you do not need to get a solicitor but you would probably be wise to get something called a clean break agreement drawn up by a solicitor which means your other half can't come back asking for more money later.

Francesanne

Ivyleaf wrote: »

I imagine that will apply to joint savings but I'm still saving and he isn't and has taken quite a lot out of our joint savings for various courses etc, which I don't see getting paid back. I'm not interested in 'ripping him off' but don't see why I should keep saving even in my own name, only for him to take half or more! I've always saved harder than him and would like to safeguard my future now, but I'm not sure if he'll have a claim on savings in my name alone.

I agree with you. Fair enough the house and any JOINT saving should be split but don't think it's very fair if you've managed to save and have a sperate amount why you should have to split that. My husband and I have joint savings accounts but we've bot got small seperate accounts which we class as 'our own'. Should we ever split, I certainly wouldn't make a claim on his account and I'm positive the same would apply with him. Seem very unfair if someone has been prudent should half snatched away from them. Do you think your husband would expect half? maybe he might surprise you. Good luck and luck you're treated fairly.

Any

Francesanne wrote: »

I agree with you. Fair enough the house and any JOINT saving should be split but don't think it's very fair if you've managed to save and have a sperate amount why you should have to split that. My husband and I have joint savings accounts but we've bot got small seperate accounts which we class as 'our own'. Should we ever split, I certainly wouldn't make a claim on his account and I'm positive the same would apply with him. Seem very unfair if someone has been prudent should half snatched away from them. Do you think your husband would expect half? maybe he might surprise you. Good luck and luck you're treated fairly.

I completely agree with the sentiment, but also from the other side of view and if the couple was different and one of them was only able to save due to the fact that the other one pays for holidays every year or whatever that would also be classed as unfair...

I think would it have to go to court then every judge looks at every individuals circumstances exactly for this purpose.. But as you say, hopefully the OP will be able to sort it out with her OH without solicitors and courts..

Good luck

bryanb

If you can't agree between yourselves a solicitor will make great efforts to solve the problem for you by writing expensive letters each way, till there's nothing left to argue about. Better still a solicitor each will do it in half the time!

Pee

When you are married it is up to the divorce court to split any assets between you which they do with a starting point of 50/50. Doesn't matter whose name they are in. You are married.

Your husband may of course agree that you can keep your savings and you may have spent them before your divorce is finalised.