Undeclared money

frank_burns

A friend of mine is separated from his wife and has been left 20K by his late father. He wants to take the 20K out of his bank so his wife wont be entitled to it. Where can he put the money without declaring it? Especially if she wants a divorce soon.

opinions4u

Solicitor time.

(Your other post says it's you, not your friend).

HappyMJ

He can spend it...on normal daily living expenses. It cannot be hidden.

atush

If the wife's solicitor is worth their pay, they will get his bank accts during discovery. And will see that 20K coming in (it won't be paid in cash) and going out to you, to his mistress, whatever.

In any case, you could spend it if it was 'given' to you.

And what does it say about you as a man that you could cheat someone else out of what they are due? What does your own wife say?

Tell him to pay off his debts, and top up his pension.

grey_gym_sock

taking it out of his bank account wouldn't affect any entitlement his wife may have to this money.

Hominu

Once its hit the bank, its proof that you own that amount of cash, so the wife is allowed her fair share, regardless. Taking it out of the bank will not have any effect. Spending it on a something like a new car (for example) will not have any effect.

If you really don't want the wife to have any of it, then donate it to charity. Then you have no assets for the cash.

Now if you were given a suitcase with 20K inside, you might be able to hide it more successfully.

Glen_Clark

A friend who was an accountant helped a client to hide £20million from the Taxman (in Jersey.) They might have got away with it if the client hadn't split with his wife, then tried to stop her getting her share. She told the authorities where to look (and who can blame her in the circumstances). They both went to jail. My friend, the Accountant, was ruined.

Nicholas-bloody-Parsons

You have to spend it, but need to buy something that is a store of value. Ie Gold Coins or Rolex watches, (rather than fast cars and easy women )

There is a couple of shops you can buy some physical gold coins, in the city of London, but as its £20k, you will have to declare it and provide ID. You probably should spread the purchases between dealers, buy a variety of items, or better still, take a trip/holiday to Switzerland or the Channel Islands and get your gold coins there.

Nicholas-bloody-Parsons

Glen_Clark wrote: »

A friend who was an accountant helped a client to hide £20million from the Taxman (in Jersey.) They might have got away with it if the client hadn't split with his wife, then tried to stop her getting her share. She told the authorities where to look (and who can blame her in the circumstances). They both went to jail. My friend, the Accountant, was ruined.

Defrauding the taxman is completely different subject and should not be attempted under any circumstances. The penalties are severe.

Divorce is a civil matter, and the division of assets is usually by agreement between two parties and is nothing to do with tax.:A

Mojisola

Nicholas-bloody-Parsons wrote: »

You have to spend it, but need to buy something that is a store of value. Ie Gold Coins or Rolex watches, (rather than fast cars and easy women )

Wouldn't assets like this be taken into account in the financial settlement - especially if they were bought during the splitting-up period?

Gromitt

Mojisola wrote: »

Wouldn't assets like this be taken into account in the financial settlement - especially if they were bought during the splitting-up period?

I know someone who bought a property during the splitting up period. They were told that they either needed to sell the property and split the proceeds, or get the property valued and his wife could claim 50% of the valuation.

I'd suspect the same would be said about gold coins or expensive watches. Now if you spend 20K on a world cruise, it would be difficult to split that as you have bought no assets.