Overpayers beware. Continued

Bil2

Martinslovechild wrote:

I know it's not the best advice in the world, but when I was previously married, she wanted to claim 50% of all my savings. When my solicitor wrote to her solicitor with a view to claiming 50% of her savings, she had miraculously sold all her policies and 'spent' the cash .

So my suggestion is for you to 'hide' the cash somewhere, in an account or otherwise (shoebox?), preferably where he's not likely to look. Then, if the question ever gets asked - you've spent it on a 'well needed' holiday

It's sad, but I think that I may have to resort to something like this. However, wouldn't I get in trouble if it was found out that I'd deliberately hidden money?

Bil2

Martinslovechild wrote:

Maybe I have misunderstood, but surely £100,000 of mortgage debt counts as 'property related', rather than 'non-property related' ?

However, reading between the lines, you have a house worth £10,000 more than the mortgage debt, so in your example:-

House £110,000
MINUS Mortgage £100,000
PLUS Savings £50,000

---

EQUALS £60,000

---

Therefore, if the split is 50:50 (assuming that he has no savings), then he gets half of £60,000.

I understand now...

Xbigman

Bil2 wrote:

It's sad, but I think that I may have to resort to something like this. However, wouldn't I get in trouble if it was found out that I'd deliberately hidden money?

Yes but if you resort to this sort of thing he can do just as much to muck you about himself. It sounds to me like you want a divorce if you think hiding money from him is the way to go. And yes it will need to be hidden from him as in a divorce of this type both sides use all they know against each other.
If you are serious about staying together then you should split the living costs 50/50 but pay all the housing costs yourself. Keep all your bank / CC statements so you can prove he did not contribute to the cost of the property at a later date. This gives you a powerfull argument in divorce proceedings and is about as good as you can get without him signing the property rights away.
Regards



X

Bossyboots

Bil2 wrote:

It's sad, but I think that I may have to resort to something like this. However, wouldn't I get in trouble if it was found out that I'd deliberately hidden money?

Yes. If you divorce within the next six years, you can be asked to explain where that money has gone. Even if you have spent it, you can be asked to produce a list of what you spent it on. You may even be called on to explain its whereabouts after that time as well.

Your husband has rights under matrimonial law whether he is on the deeds or not as you have seen. The longer the length of your marriage, the more those rights grow.

I too agree that you have not been properly advised. Why any solicitor would seek to advise someone on the telephone without sight of proper paperwork and sitting down face to face is beyond me. They only have one side of the story that way. Paperwork often reveals different issues.

The 50/50 "in all cases" is called a presumption of equity. That is where all settlements start. The scales are then balanced against financial input and other contributions to the property to name just two. I would suggest that in actual fact the 50/50 split is rare. In this case (and I can only go by what is here) it could be argued that you are depriving the household of funds by having savings you are not sharing. That is definitely going to be the case if you attempt to hide them. Therefore, your husband could easily achieve half of that money should he choose to go after it. The deprivation issue is behind pension sharing. For years, husband's would work and pay into a pension while the wife stayed at home looking after the children. Come retirement, the husband would have a nice little pension on top of his state pension and the wife would not only not have an occupation pension, she may not have sufficient contributions to give her a pension to live on. The household would have been deprived over the years of the portion of her husband's income that he was putting away for his own future.

lenny007

Whilst i'm still a bit staggered that your attitude is one of self preservation and also that i think your planning for a divorce will become a self fulfilling prophecy, if your after advice then here goes.

People have mentioned keeping bank statements or D/D information to later prove that the amount of cash your other half pays each month is for household bills and not mortgage repayments - this doesn't stand up. Unless you've got some paperwork in place to suggest this, all he needs to do is to state you verbally agreed that he would pay half the mortgage.

To all intents and purposes, he is.

Also, something to consider which i suppose would be a bright spot would be that your claiming only £10K equity in the house. Which is great, except you haven't factored in the selling costs for this exercise, which could be somewhere in the region of 25% of your equity. On a personal point of view this is good.

Other thing you haven't considered is if your husbands "wanton" lifestyle hasn't netted him any debts. What would you do if you realised that the reason he couldn't pay any more to the mortgage was because he was massively in debt? As you stated yourself, there's plenty you don't know about his financial situation.

There has been plenty of posts highlighting the sadness of your relationship so i'm not going to harp on about that but i'd urge you very strongly to sit down together and talk about your lives and future. You both seem to want different things in life and unless you come to an agreement or compromise you'll never be any more secure about your marriage.

Bil2

lenny007 wrote:

Whilst i'm still a bit staggered that your attitude is one of self preservation and also that i think your planning for a divorce will become a self fulfilling prophecy, if your after advice then here goes.

I have a life insurance policy- does this mean that I'm afraid to die?
I have critical illness insurance- does this mean that I'm a hypochondriac?
I have mortgage repayment protector insurance- does this mean that I'm scared of losing my job?

Having made a substantial amount of overpayments, I was unaware that in the possible event of a divorce, my partner could claim half of this money. The overpayments that I have made are the bulk of my life-savings.

Is it sooo terrible to try to ensure that I would not be financially ruined in the event of a divorce?

Is it so horrible to try to warn others that may unknowingly be in a similar situation to myself?

Would you prefer that I ended up back in rented accommodation in the event of a divorce after YEARS of trying to get on the propery ladder?

Crikey! What a scary world you live in.

Gingham_Ribbon

Please can posters refrain from giving opinions on the OP's marriage. This is a moneysaving board.:)

roswell

Lifes a risk you can only insure against so much, if your not that secure about your future with your OH what made you get a house together? surely his opinions are not new to you, worst case is you take your saving out and you both pay more interest over the term of the morgage but this will negate the need for a offset morgage / one account etc. I would still say though that you need to look into why you have these feelings and make actiones based on what you want not just for the present but for the future.