advice re entitlements on separating

rumncoke

Hi, I am looking for advice for a friend of mine. Bit of background first.

Married for over 20 years, 2 teenage kids. Only worked part time for the last few years. Before that was a SAHM. Husband has very good job. No joint accounts, husband has always sorted money. She only has a small amount in a bank account in her name. House is mortgage free & is in joint names.

Likely that she will be the 1 to move out, possibly boys staying with Dad for stability due to exams etc.

She has been advised by CAB that although she would obviously be entitled to share of proceeds of house, she would not be entitled to any money in accounts not in her name. Now I suspect that her husband has lots of different accounts with large sums of money in, as well as investments. (his salary is 6 figures & they rarely spend any)

Also that she may be required to pay maintenance if the boys stay with Dad (which I am aware of)

Can anyone tell me if this is correct regarding the money in husbands name only.
I have aleady advised her to see a solicitor. Many thanks

ellay864

Definitely see a solicitor but find it hard to believe she'd have no entitlement to things in husbands name only. My ex and I had separate accounts but he was the main money earner - I'd gone part time since our first child came along. We went through mediation and they took details of each of our finances - what was in my name, what was in his and did a balancing act to see whp piad what - effectively I got a bigger share of the houe to compensate for him having more assets elsewhere. The fact that they were married and she stayed at home to look after the kids will be taken into account. The parents are usually obliged to support the kids until they're 18 but they'll take her income/outgoings into account as well as his, so depending on her finances she may have to contribute something. Get to a solicitor asap, but consider mediation if they've split on good enough terms - you get a neutral adviser go through the money stuff and then get to an agreement that you can then get ratified by a solicitor. Saves a fortune on solicitor letters back and forward arguing it all and tends to stay more amicable

RAS

She needs to see a solicitor with teeth and would be well advised not to think aboiout moving out until things are sorted.

Once they divorce, there will be a financial settlement based on the assets of the marriage; she and he has to declare all they own. Since 6 figures over the years is £1m plus so she needs to get advice from a lawyer used to dealing with high-powered divorces, not the average high street guy.

She can get some basic help at a low rate for the first half hour and it would be worth it.

Valli

rumncoke wrote: »

She has been advised by CAB that although she would obviously be entitled to share of proceeds of house, she would not be entitled to any money in accounts not in her name. s

This is AFAIK not actually correct. (Remember the 'all my wordly goods in the order of service?)
Your advice to see a solicitor was sound and should be followed ASAP. Even if she hasn't yet left...

Solicitors do a free half hour initial interview; she can have this at more than one solicitors to enable her to find one with whom she feels comfortable. And find out their charges! Because it sounds like she will have to pay, probably from the proceeds of the settlement.

Don't listen to anyone who says they don't do these - my ex husband did - but then he started in the phone book - with A. They charged more than mine too. But I'm on here and he isn't

last thing - when she's feeling down or needs to chat or a shoulder that's what friends are for. Solicitors charge too much to sit sympathising and handing out tissues.
If it were me (again? god forbid!) I would have my questions written down.

Oh and IF she can find out about accounts (even if just account number/institutions) it will come in very handy whan she fills in Form E and more importantly checks HIS Form E for errors and ommissions. (Like including DATED and NUMBERED bank statements and hoping that eagle eyed ex-wife won't spot the gap:rotfl:)

Basically they add together all assets, subtract any debts then work out a split, starting with an assumption of 50/50. Chances are if he is keeping the family home and kids she will get a significant lump sum. And possibly NOT have to pay maintainance if he is well set up.

This comes from my own experience.

Now, down to the serious bit. So this bloke, presumably minted, is going to be single soon? *fluffs hair* ;););););)

rumncoke

Many thanks, didn't get time to come back on last night. I thought that she should get a share of the money, but wanted to check before I spoke to her again. Not sure how much info she will be able to find re his accounts as she has never had anything to do with the money. He has always sorted that & given her housekeeping. (As little as possible)

neneromanova

Why is she having to leave the family home? Do her boys not want to stay with her?

Imp

neneromanova wrote: »

Why is she having to leave the family home? Do her boys not want to stay with her?

Because some people find it difficult living in the same house as their ex?

rumncoke

Very complicated situation which I don't want to go into on here. Boys not yet aware of split although I am sure they suspect. Obviously their views will be the deciding factor but for stability likely that they will stay in family home with Dad. He can probably afford to buy her out & stay there. No way could she do the same & it would mean selling & them all moving.

daska

rumncoke wrote: »

Many thanks, didn't get time to come back on last night. I thought that she should get a share of the money, but wanted to check before I spoke to her again. Not sure how much info she will be able to find re his accounts as she has never had anything to do with the money. He has always sorted that & given her housekeeping. (As little as possible)

Hopefully it might be relatively simple LOL

Wait until he's gone to work, look for anything vaguely financial and photograph it with a digital camera (then he can't miss it and she can hide the memory card). A national insurance number is also useful, as is a passport number.

Unless he locks it all away, in which case she might have to accidentally open the post...

Oh, and it's quite usual for mum to stay in the marital home with the kids!

neneromanova

Imp wrote: »

Because some people find it difficult living in the same house as their ex?

No I meant why doesn't he leave and she stay in the house with the kids.

Oh and she'll more than likely be entitled to half his pension.

xmaslolly76

neneromanova wrote: »

No I meant why doesn't he leave and she stay in the house with the kids.

Oh and she'll more than likely be entitled to half his pension.

I was wondering that as well as it sounds like she has been their main carer since they were born.

OP she should be entitled to a share of the money in the divorce, i am wondering if the cab meant that she wouldnt be entitled to touch it until the divorce settlement is sorted out obvioulsey if the accounts are all in his name she doesnt have the legal right to just take a slice now. As others have said she needs a good solicitor preferably one with some backbone who wont roll over until she gets her fair share :-)