Joint Accounts

Thefrenchman

I am seperated from my wife.Due to illness my son(from a previous marriage) proposed that we have a joint account,so that if I need funds in an emergency he can deposit money for me to access.He has put several thousand pounds in the account,but a friend has told me in the event of my wife suing for divorce,this money could be frozen and he could lose it.Is this correct?

CLAPTON

there is no need to have a joint account

bank transfers happen with hours (often minutes)

[Deleted User]

I'd just give him your bank details, and tell him he can FP money to you if needed.

Thefrenchman

My son is away on business a lot and is sometimes unreachable so the joint account is the best option,I was really trying to find out if his money is safe.

innovate

You will have to declare any account you hold when/if your wife files for divorce. You might be able to make a case for half the money in the joint account not belonging to you, but a judge could see the matter quite differently. They could think you were trying to hive off half of your money to your son.

You should consult a solicitor if you worry about it.

Thefrenchman

innovate wrote: »

You will have to declare any account you hold when/if your wife files for divorce. You might be able to make a case for half the money in the joint account not belonging to you, but a judge could see the matter quite differently. They could think you were trying to hive off half of your money to your son.

You should consult a solicitor if you worry about it.

I thought this may be the case.I've spent several hours trawling Google links on the subject,although there is nothing definitive,it was interesting to note that the CSA couldn't take money from joint accounts unless they could prove the party who had paid the money in.(although no children or CSA involvement in this instance)