money in joint accounts

gizmo111

pinkshoes wrote: »

There's nothing to stop him taking the money, but she would also be quite entitled to file a court case against him to pay back the half that was hers. This could land him a CCJ, and screw up his credit score for a LONG time, so it's not worth it.

If he's a man, he should take only his half. If he's a man, he should also discuss his wanting to leave with her, as just running away is cowardly!

He also needs to get the account frozen so that she can't then go overdrawn on it, as he'll still be responsible!

Not sure she could go to court for this it is money owned by both of them and either can spend it as they wish if it is single signature.

RAS

s1avery wrote: »

most of the money she bought in to the relationship.


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?

My advice to her would be

1. Move out the money that she brought into the relationship to a new account in her name.
2. Make all withdrawals on the joint account require two signatures.
3. he gets his own account for his own money.


that's the minimum. Actually i would recommend that she close the joint account. Whilst that exists he can wreck her credit rating because of the financial association.

Michelin

So if there is £70K in cash, then that gives them both £35K. He should be happy with that and walk away and give her equal shares.

I still think he is wrong in not telling her and can't condone that at all. I guess he is one of those male mid-life crises in that he wants to go travelling so at least he should be fair, tell her what he is doing and then share the money. Not sure why he doesn't want to divorce but would imagine it is because he wants to have his cake and eat it and keep his options open. So wrong...

kelloggs36

There is nothing to stop her from getting to the money first! Not nice either way, but it would certainly serve him right!

gizmo111

kelloggs36 wrote: »

There is nothing to stop her from getting to the money first! Not nice either way, but it would certainly serve him right!

Difference is she doesnt know his plans, and therefore wouldnt be planning to split their finances, first she'll most likely know is when he has gone and the cupborad is bare. Horrible when you consider most of the money was hers to start with.

Imp

gizmo111 wrote: »

Difference is she doesnt know his plans, and therefore wouldnt be planning to split their finances, first she'll most likely know is when he has gone and the cupborad is bare. Horrible when you consider most of the money was hers to start with.

It may have been hers to start with, but we don't know what he put into the marriage in terms of support, building a home, bringing in income, looking after children, giving up a career to move near her etc.

Whether it is true or not, people generally believe the wife comes out better from a divorce than the husband. He may see this as his only chance to get anything out of the marriage given what he might have put in.

His planned behaviour may not be nice, but is understandable - to the extent we have anecdotes of other people doing exactly the same when they leave a spouse, so it isn't even unsual.

DevilsAdvocate1

The other thing to consider is if they have a mortgage. My friend's aunt had no idea that her husband of 30 years was planning to leave. He went out one day and didn't come back. A few days later, the mortgage payment bounced. They only had 1 year left on the mortgage, but he had cleaned her out and she could not pay. Eventually, the house was repossed and she now lives in rented accomodation. She once said that it was the repossession that hit her the hardest. They had worked hard and paid the mortgage all those years, only to lose the house just 1 year from when they would have owned it outright.

D.

chocolady

My husband and I have been separated several years and just kept joint account going while attempting reconciliation albeit long winded. He has now suddenly met someone who he appears to be swept off his feet by and without telling me has started to spend alot of money on this woman from our joint account which is causing us to go overdrawn. He says he will take his salary from the joint account at the end of the month but I am worried he will leave me with a massive overdraft. I have been told that freezing the account will mean a black mark for both of us when it comes to getting a mortgage so that is not an idea to take lightly. We have a £6750 overdraft which I am worried he will run up so am going to get that reduced but its a big worry. He has said he will pay me child maintenance and half the mortgage until we divorce. I have said if he agrees to a better split for me and our son then I will try and do the divorce myself and just split the finances through a court order. However the big worry is the lack of control over the joint account. I am worried if he agrees to take his name off it then does that mean as its an offset account he is no longer liable for the mortgage as I just cant afford to pay it all at the moment. Dunno wot to do and fear a rampant amount of spending coming up with the advent of valentines day!! Does anyone know what to do in the circumstances?

kelloggs36

The money belongs to both of them, so if he takes it all, it is too late as he has the right to do that legally. I would advise her to open her own account and take half out of it now to put into the new account to scupper his plans. Same works for debt of the account - both are liable, so if one runs up a huge overdraft, they are both equally liable for repaying it - the bank doesn't care who pays it and when it is paid off that is the end of it, they won't ask the other person to cover half of it!

Pixiechic

As it is a joint account, which means that the money belongs to them both, wouldn't cleaning it out without telling her equate to theft? It is most definately dishonest, I can't imagine being treated like that and sadly confirms that their are people out there who behave in this way. I don't know the ins and outs but it is all very underhand and devious.