Money Moral Dilemma: Should I tell my partner about my savings?

happyinflorida

It doesn't say why you've not told your partner - this could make things different in my answer, so it's difficult to answer!


I would point out one thing though, that many people might not think about or know about.


If you have money or get a large sum of money or even small winnings on the premium bonds or lottery - be careful where you put them.


Don't use a joint account - ever. This is because if you do, it sets a precedent in law and means if you got a big win or an inheritence and you decided you had enough money to now split up with your partner/husband/wife etc, they would be entitled to half because of your previously paying it into a joint account!


So always pay any extra money into an account in your own name that is yours and if you want to keep it separate and secret, that is fine and even better as you won't have to pay out enormous legal costs when your other half decides they want a slice of it.


I had no idea this was the case in UK law, so please be aware. You might be very happy with your other half now, but things can and do change!

happyinflorida

Longhouse wrote: »

:eek: ...and so should every man!
You're not obliged to disclose your individual savings but it may harm your relationship if you fail to do so. It's up to you to decide.

However, if in a (civil partnership or) marriage then on dissolution you have an obligation to disclose all assets, failure to do so can result in a very dim view by the courts. Up until the point of breakdown & dissolution, you could (note COULD) do what you like, but, once again, watch out for the strain on the relationship. Most fail due to financial issues...
Please be gentle, it's my first post, but as I'm going through difficulties like this at the moment due to a partner who repeated, and secretly ran up very large debts whilst I saved to protect our future, I'm particularly sensitive about these sorts of issues and their ramifications.

Hi - I hope that legally you are aware that you are not responsible for your partners debts? Financial firms can and will often, make out that you are - especially after someone has died - money due is paid out from their estate but you don't have to pay anything if there isn't enough money to clear their debts.

If your partners put any debts in your name without your permission, that is fraud and you can and should report it to the police.

figrat

It's your money. And as you feel you need to ask strangers for advice, I'd say no.

hazyjo

LAB5300 wrote: »

Keep your savings secret, you never know what the future holds. My partner of 13 years started a relationship with a young girl 34 years younger than him. As a result I threw him out, if he had known about my savings he would have wanted half of them. Everyone needs the security of a nest egg against the unexpected.

Not if you weren't married you wouldn't.

If you were married, you'd have to declare it even if he hadn't known about it.

Colin_H_2

No keep that to yourself

Pollycat

MSE_Sarah wrote: »

My live-in partner and I have shared finances and split everything equally. But I have a private savings account they don't know about, with £1,000s stashed away. Should I tell them about it?

The bits in red and blue appear contradictory to me.