money in joint accounts

Michelin

Imp wrote: »

Funnily enough, it belongs to both of them 100%/100%.

Exactly, is is marital assets so belongs to both of them irrespective of who has put in what to the account.

shaven-monkey

s1avery wrote: »

Hi

My friend and his wife have all their money in joint accounts and he wants to leave her. He's not bothered about divorcing he just wants to go!

I'm trying to convince him otherwise but he's under the impression he can transfer all their joint money to the account solely in his name and be scot-free with no recompense.

Is that true?

He can withdraw the money / move it to his account.
As to whether there will be consequences further down the line...
He may not be bothered about divorcing but she may have a different perspective after he runs off with the cash.
Perhaps spending a few days away and thinking things through would be more practical than going with Plan A.

Imp

A serious answer to the OP, a fair strategy for the friend would be to visit the bank and tell them that the relationship is about to be ended, and he wants the account frozen. Then neither of them can withdraw money. They then agree to split, and go to the bank together, unfreeze the account and split the money 50/50 between them, and close the joint account. Job done.

JimmyTheWig

Imp wrote: »

There are other threads on this forum where women are advising other women how to stash cash in readiness for moving out/throwing their husbands out.

Men are not as scheming as women, so this plan to drain the account and leave is simply the male version. All those who supported women removing money from the relationship to allow them to set up on their own should be supporting and agreeing with this man doing the equivalent.

I agree that the man should be able to get his hands on some money to get out of the relationship. We don't know the ins and outs of what has happened. In a few cases it may be true that it is better for him to leave than to talk it through. This may be one of them.
If this is the case he should transfer half the money into his own account, half the money into her own account and get the joint account frozen.

And I'll give it five posts before someone says that the wife has almost certainly been abused by the husband.

You were wrong on that!

euronorris

Sunshine12 wrote: »

I agree it is just as bad. Certainly doesnt make it any better because men arent as devious. Just as bad no matter what the scenario.

I very much doubt anyone is going to suggest abuse - unless of course they are not only extremely cynical but a bit warped.

It is similar, but not the same entirely.

Saving the money over a period of time, ensures that the party left behind still has access to money to pay bills, feed themselves etc in the short term whilst a divorce/finances are being sorted out.

But, emptying the account entirely and then doing a runner leaves one party with absolutely no money, but still with plenty of bills to pay.
Effectively sending them up sh't creek without a paddle, when they're already hurting and trying to cope with the sudden loss of a partner/spouse.

So, IMO, this way is far worse.

Either isn't great, and where possible (possible being the operative word), people should discuss their desire to leave and agree on a short term finance plan/situation.

Alas, life is rarely that straightforward.

misgrace

When I left my ex husband I left enough money for him to manage for a few months, in fact I didnt really take a lot, as we didnt have a lot in there, but fairs fair, I left him half.
The swine still turned round and told everyone I had cleaned him out.:mad:

s1avery

Thanks for the replies, guys. I'll pass what you've said along.

In answer to the questions I can remember:

their assets total about 70k in cash and a few bits of furniture, most of the money she bought in to the relationship.

I think he's planning on going travelling and is hoping she won't be able to find him and isn't thinking of future credit regrences. Having gone through a divorce myself I think I'm right in saying that if she can't serve him divorce papers she can't actually divorce him for about 7 years.

So to sum up:

he's a lowlife
she could freeze his accounts without divorce
and he'd screw up future ways of getting money

That correct?

Sunshine12

euronorris wrote: »

It is similar, but not the same entirely.

Saving the money over a period of time, ensures that the party left behind still has access to money to pay bills, feed themselves etc in the short term whilst a divorce/finances are being sorted out.

But, emptying the account entirely and then doing a runner leaves one party with absolutely no money, but still with plenty of bills to pay.
Effectively sending them up sh't creek without a paddle, when they're already hurting and trying to cope with the sudden loss of a partner/spouse.

So, IMO, this way is far worse.

Either isn't great, and where possible (possible being the operative word), people should discuss their desire to leave and agree on a short term finance plan/situation.

Alas, life is rarely that straightforward.

Get where you coming from and respect your opinion but in my book both are just as bad as each other - one person gets screwed out of money. How they go about it may be different but bottom line is the same.

carolan78

Not if what the person saving for a split only takes what they would be entitled to, situations like this are complex and not every case is the same so we can't really judge or comment in general.

What the OP's friend is proposing to do is WRONG there is no way to justify it especially with the amounts of assets involved. OP if you have anything about you, inform the wife so she can be proactive and protect her assets

Sunshine12

carolan78 wrote: »

Not if what the person saving for a split only takes what they would be entitled to, situations like this are complex and not every case is the same so we can't really judge or comment in general.

What the OP's friend is proposing to do is WRONG there is no way to justify it especially with the amounts of assets involved. OP if you have anything about you, inform the wife so she can be proactive and protect her assets

If someone takes or retains money from joint funds without telling their partner then its deceitful no matter what the scenario. We are also judging this scenario without all the facts from both parties so I think generalisations and judgements are inevitable.