Protecting Savings during Divorce

DollyDay

Hello everyone,
My husband has recently told me he wants us to split. Everything is amicable at the moment and we have the following assets: cash in bank, ISA’s and Equity. Everything is to be split 50/50, no children are involved.
We have agreed that now is not the time to make any big decisions and are going to leave our ISA’s and house alone until we are ready to (we are both still living in the house).
We have split our cash so we now each have £3200.00. We both signed something very basic just stating that we have split what we had saved, and have agreed not to make any decisions about the rest of our assets at the moment.
My worry is that I am a saver and he isn’t. Our outgoings are quite small, so I can easily save £1000.00 a month from my salary. So, in say 10 months time, I could have £13200.00 in my bank account, and he could have nothing. My concern is that if things end up not being amicable regarding the house etc, we would have to split all of the money in our own bank accounts, as well as the other assets, and I would lose half of the £13200.00.
Is there anything I can do to safeguard against this happening please?

patientperson

Perhaps now is the time to raise this point with a solicitor.

PeacefulWaters

Divorce quickly.

Get a consent order agreed quickly.

AnotherJoe

DollyDay wrote: »

Hello everyone,
My husband has recently told me he wants us to split. Everything is amicable at the moment and we have the following assets: cash in bank, ISA’s and Equity. Everything is to be split 50/50, no children are involved.
We have agreed that now is not the time to make any big decisions and are going to leave our ISA’s and house alone until we are ready to (we are both still living in the house).
We have split our cash so we now each have £3200.00. We both signed something very basic just stating that we have split what we had saved, and have agreed not to make any decisions about the rest of our assets at the moment.
My worry is that I am a saver and he isn’t. Our outgoings are quite small, so I can easily save £1000.00 a month from my salary. So, in say 10 months time, I could have £13200.00 in my bank account, and he could have nothing. My concern is that if things end up not being amicable regarding the house etc, we would have to split all of the money in our own bank accounts, as well as the other assets, and I would lose half of the £13200.00.
Is there anything I can do to safeguard against this happening please?

Yes. Dont go for an amateur solution that your husbands solicitor can drive a bus through.

See. A. Solicitor. Now.

And split up financially and physically asap.

Elijah_Bailey

The above response about a solicitor is your main requirement. Hopefully you will stay amicable but the piece of paper you have signed may not have much legal standing in a divorce.

In addition, surely any split of your assets will be from when you divorce and not from when you decided to separate.

Every pound you save until you divorce could end up being split with your husband (if you both agree to settle at 50:50).

PeacefulWaters

Elijah_Bailey wrote: »

The above response about a solicitor is your main requirement.

It isn't. Job one is to divorce. That can be done without a solicitor for £550 if one party or the other agrees to take the blame.

Hopefully you will stay amicable but the piece of paper you have signed may not have much legal standing in a divorce.

It won't have any standing. So completing the financial declaration for a consent order and asking a solicitor to draw up the document (costing c£200) before it goes to court for approval (cost £50) is the next step.

DollyDay

Thank you for everyone who has taken the trouble to reply.

"It won't have any standing. So completing the financial declaration for a consent order and asking a solicitor to draw up the document (costing c£200) before it goes to court for approval (cost £50) is the next step."

Does doing the above mean we would have to divorce and either sell the house/one buy the other out please? It's just neither of us are ready to move on/out yet really.
(Sorry I can't work out how to quote someone)

plasticcheese

PeacefulWaters wrote: »

It won't have any standing. So completing the financial declaration for a consent order and asking a solicitor to draw up the document (costing c£200) before it goes to court for approval (cost £50) is the next step.

I'm in a similar situation. My understanding is that the consent order cannot be made legal until it's gone in front of a judge, and that this can only happen as part of the actual divorce process. Is this right Peaceful?

OP, am sure you can divorce and stay in the same house, but the divorce will protect your assets. Good luck.

teddysmum

There is little to lose in interest as rates are low, so 'spend' any savings accumulated from now onwards. Perhaps family could look after the money for you ?

PeacefulWaters

DollyDay wrote: »

Does doing the above mean we would have to divorce and either sell the house/one buy the other out please? It's just neither of us are ready to move on/out yet really.
(Sorry I can't work out how to quote someone)

The consent order can state how property proceeds have to be split when the house is eventually sold.

There is no need to sell immediately.

plasticcheese wrote: »

I'm in a similar situation. My understanding is that the consent order cannot be made legal until it's gone in front of a judge, and that this can only happen as part of the actual divorce process. Is this right Peaceful?

It can happen after the divorce. A divorce can take place without any agreement on finances.

atush

You can divorce and split everything (incl your pensions) but still live int he house until you are both ready to sell. If this is part of your agreement.

I wouldnt keep this up long term, as it wil get messy if one or both of you start seeing other people.

So get to a solicitor, and get the paperwork started.

One way my friends husband hid money in the run up to divorce was to pay for things for his mistress- from her tax bill to her moving costs to a boat and a car for his parents.

If your parents are still with you, you can 'gift' them cash as you save it in the meantime.