what do you think about using joint account funds

Legacy_user

all sorted now

System

Just to sum up...60k in debt, husband doesn't know, going to steal the money from an account to pay it back behind his back, unhappy in marriage...


I'm going to get the popcorn out.


I don't know where to start telling you this is a bad idea. But you know that.

Tom99

Surely he would be even madder if you just withdraw £55k from the joint account without telling him? Much better to face up to it and tell him about the debt rather then him having to find out another way which sooner or later is bound to happen.

System

It's not stealing it's a joint account I'm entitled to half the funds and if house is sold I would even get a 70/30 split as I've already taken legal advice

System

He wouldn't find out as hidden for 16 years as I have separate accounts also once he finds out he will move the money. If he doesn't like the situation I'm in he van end the relationship as offering to repay 3k a month back so he's not going to lose out in any way.

happyandcontented

If you 'repay' 3k per month would you be doing so from earned income?

System

run my own business and can easily afford 3k would still be able to live easily

EssexHebridean

Ignoring for now your proposal about "taking" a huge sum of money from a joint bank account without telling the joint account holder that you are doing this, I think the first thing you need to do here is complete a Statement of Affairs to establish how the debt can be cleared without recourse to the action you've suggested, if you really can't - or choose not to - discuss the situation with your husband. You've so far detailed his annual income but not yours - but you have intimated that your earnings are also extremely high, so the SOA will present a clearer picture of the real way forwards here.

having solved the issue of the debt, if I were you I'd also be asking myself why I'm still in this relationship, but that's a question for a different sort of forum really.

Get the SOA done and posted - make it open and honest and also ensure that it reflects the reality of your situation right now - and we can take a look and give an informed opinion. The other solid reason for suggesting you pay this back "properly" now rather than taking a quick-fix solution is that you need to tackle the cause of the problem not just repair the damage - otherwise in another few years, you'll be back here again with the same - or a worse - situation.

System

we don't have a relationship where we chat and discuss things my husband goes out and buys cars for 30k and then anotherfor 15k no conversation was had, only after the event so I can easily say this to him.I don't want to do Long term paying off, end of day I have done my share in house raising children and supported him in his career now he can support me. I think I know I shouldn't be in this relationship but have done because of my children and been married 30 years now. I will actually go by final decision of solicitor as they know the full financial picture.

happyandcontented

On the face of it most would advise against using funds from a joint account to pay off personal debt accrued without the knowledge of the other partner.

Those of us in happy relationships cannot conceive of doing this, however, this is clearly a dysfunctional relationship and if one party uses joint account funds without speaking to the other one then it might be suggested that 'what is good for the Goose etc' should apply.

From what the OP has written this long term marriage is fundamentally over, so I think she is probably correct in saying that her advice should come from her Solicitor with regard to what she is entitled to do regarding their joint account.

I have my doubts whether they would advise she go ahead with her plan though, so ultimately it will be her decision, and when it is exposed as it certainly will be, she will bear the consequences if she removes that amount of money without consulting the other account signatory.

LilElvis

buttterfly wrote: »

It's not stealing it's a joint account I'm entitled to half the funds and if house is sold I would even get a 70/30 split as I've already taken legal advice

Your solicitor might ask for such a split but it's a safe bet that your husband's solicitor would disagree. Of course your solicitor is promising that he can get a great settlement for you, whereas the truth is that he will be the one who stands to make tens of thousands - just like your husband's solicitor - all of which will decrease what you will eventually receive.