Undeclared money

atush

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?

Indeed, my friend was divorced, and her husband tried this same thing. Giving money to his parents to buy a car, paying his mistress' income tax bill, and paying 3-4K to move her house contents to his new place. When I found all this in his bank accts, the judge took that out of his share of the proceeds of the house sale. She ended up with a bit more than she would have had had he not tried to hide/spend it.

sabretoothtigger

The only thing is to buy something which will go down in price but later rise after the divorce.

In 2008 some big city guy split and gave his wife the house and this was agreed he would keep the shares as 'his half'
These shares became worth a third of the original split value and he sued his wife for taking too much. He failed of course and no doubt some of the share value came back.

I imagine only speculation on what asset will rise best would give a good divorce pay off.

Glen_Clark

cloud_dog wrote: »

But the money was his fathers and has, in effect, been gifted to him.

Similarly his wages will have been paid to him, not his wife. But, since they are a couple, she is still entitled to a share of them.

cloud_dog

Glen_Clark wrote: »

Similarly his wages will have been paid to him, not his wife. But, since they are a couple, she is still entitled to a share of them.

Yes, I understand that, but there is a significant difference....

Assuming the husband is the main / only bread winner this is probably due to a conscious decision; usually this is because of children and the the need for a home maker. Therefore the conscious decision for one to earn nothing / much less and undertake significant home making activities is complimented by the other earning income to support the whole family. This is where, and rightly, all income, savings, pension, etc is considered when splitting people and their finances.

This is significantly different to the inheritance scenario, which is not 'earned', either in terms of monetary content or activity, and which I would say (again my opinion) should be considered separately to the normal assets.

It is unfortunate in this world that you have to consider these aspects when you are simply making a will so as to ensure your wishes are completed to your intent.

Robin_TBW

Gift it to other family members who you deem trustworthy and believe will gift it back to you after the divorce.

Mojisola

frank_burns wrote: »

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.

If his wife was inheriting the 20k, would he be happy for her to keep it all or would he expect a share?

Shark

I hate a lot of parts of British law but this especially. Why should finances be split equally just because you are married...

Mojisola

Shark wrote: »

I hate a lot of parts of British law but this especially. Why should finances be split equally just because you are married...

Because when you get married, you make promises to each other and one of those is about sharing your worldly goods?

atush

And you get to share assets and reduce taxes accordingly.

atush

Atush...... shame on you.

No shame on him or whoever came up with this scam.