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financial issues when splitting up

MadMat
Posts: 266 Forumite


Hi all
I'm in the early stages of planning to leave my wife and move out of the family home. I have a few questions I'd appreciate help with.
some of our financial affairs are in my name only - obviously our joint accounts get split down the middle.
I have approx £2.5k savings in my name only, and £4k credit card debt - again in my name only as her credit history is so bad she can't even get "bad credit" cards!! (although most of it was her spending on secondary cards) She seems to feel that the savings should be split - ie I have to give her £1250 - but that credit card debt in my name is my problem. Am I unreasonable in keeping the full £2.5k as I also get to keep the debts!
Secondly does child maintenance have to be paid directly to her in full? I'd rather pay some to her, and use some of it to directly buy items(clothing etc) my sons need, and keep their school lunch accounts topped up! - quite frankly I don't trust her financially.
Thirdly - would she have any claim on any savings I accumulate in the period between separating and moving out, and a divorce becoming final?
Mat
I'm in the early stages of planning to leave my wife and move out of the family home. I have a few questions I'd appreciate help with.
some of our financial affairs are in my name only - obviously our joint accounts get split down the middle.
I have approx £2.5k savings in my name only, and £4k credit card debt - again in my name only as her credit history is so bad she can't even get "bad credit" cards!! (although most of it was her spending on secondary cards) She seems to feel that the savings should be split - ie I have to give her £1250 - but that credit card debt in my name is my problem. Am I unreasonable in keeping the full £2.5k as I also get to keep the debts!
Secondly does child maintenance have to be paid directly to her in full? I'd rather pay some to her, and use some of it to directly buy items(clothing etc) my sons need, and keep their school lunch accounts topped up! - quite frankly I don't trust her financially.
Thirdly - would she have any claim on any savings I accumulate in the period between separating and moving out, and a divorce becoming final?
Mat
0
Comments
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Depending on how long you've been married and what your financial linking was adding everything up including house and pension, deducting the debts and splitting the figure down the middle may be an option.
What you accumulate after you separate is not counted. Just make sure you've got statements to prove how much you had when you separate.:footie:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
0 -
Hi all
I'm in the early stages of planning to leave my wife and move out of the family home. I have a few questions I'd appreciate help with.
some of our financial affairs are in my name only - obviously our joint accounts get split down the middle.
Joint accounts don;r necessarily get split down the middle. The overriding aim is to come up with an over all settlement which is fair, taking into account all the circumstances. Unless you are a childless couple both earning exactly the same a 50/50 is not necessarily the way to goI have approx £2.5k savings in my name only, and £4k credit card debt - again in my name only as her credit history is so bad she can't even get "bad credit" cards!! (although most of it was her spending on secondary cards) She seems to feel that the savings should be split - ie I have to give her £1250 - but that credit card debt in my name is my problem. Am I unreasonable in keeping the full £2.5k as I also get to keep the debts!Secondly does child maintenance have to be paid directly to her in full? I'd rather pay some to her, and use some of it to directly buy items(clothing etc) my sons need, and keep their school lunch accounts topped up! - quite frankly I don't trust her financially.Thirdly - would she have any claim on any savings I accumulate in the period between separating and moving out, and a divorce becoming final?
Mat
Possibly. A court looks at the situation as it is at the time any final order is being decided, and then considers what is fair in all the circumstances.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
Hi all
some of our financial affairs are in my name only - obviously our joint accounts get split down the middle.
I have approx £2.5k savings in my name only, and £4k credit card debt - again in my name only as her credit history is so bad she can't even get "bad credit" cards!! (although most of it was her spending on secondary cards) She seems to feel that the savings should be split - ie I have to give her £1250 - but that credit card debt in my name is my problem. Am I unreasonable in keeping the full £2.5k as I also get to keep the debts!
Joint accounts don't necessarily get split down the middle. Why not use the savings in your sole name to pay off some of the debt and take it out of the equation?Secondly does child maintenance have to be paid directly to her in full? I'd rather pay some to her, and use some of it to directly buy items(clothing etc) my sons need, and keep their school lunch accounts topped up! - quite frankly I don't trust her financially.
You can agree what you like but either of you can ask CMS to assess at any time.Thirdly - would she have any claim on any savings I accumulate in the period between separating and moving out, and a divorce becoming final?
Mat
Yes and beyond divorce if you don't deal with the finances which are separate to the actual divorce. If you don't get a court order separating your finances she could come back many years from now to make a claim.0
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