Ring fencing savings

worriedperson25

Hi there, I am after some advice please.
Is possible to ring fence finances from my husband in case divorce is on the cards by creating a joint account with our son (5yo).  I would need access to it as it would be funds for a rainy day (freelancer).

vacheron

Why would you need a joint account with a 5 year old? Why not just an individual account?
Is it so it appears that 50% of the funds belong to the child?

No bank is ever going to give a 5 year old a current account.

RAS

If your marriage breaks down, you both have to declare all assets relevant to the financial settlement, after the divorce nisi. So likely to be some months after you actually split.

If the marriage breakdown means that you need to move, to replace household items, pay child care etc, you'll have use your rainy day funds. Your ex may want half your £1500 nest egg but if you're in insecure employment, it's reasonable to explain that this is "insurance" and you have the child.

By the way, it is likely that either parent would be allowed to access savings in the child's name.

Exodi

worriedperson25 said:

Hi there, I am after some advice please.
Is possible to ring fence finances from my husband in case divorce is on the cards by creating a joint account with our son (5yo).  I would need access to it as it would be funds for a rainy day (freelancer).

You can't 'ring fence finances' in case of divorce... could you imagine how much this would be exploited if naming your children on an asset meant you didn't need to split things? Marital savings and investments would be plundered, home equity would be raided, pensions would get cashed in, all to be put into personal bank accounts with their children named on. I'm sure you can accept that you would be less than impressed if your husband was able to do what you are suggesting against you.

If you are innocently just asking about holding some money to the side (which is a reasonable thing to consider) then, there's nothing stopping you transferring some money into in an account in your sole name for use on a rainy day as you say, it's just that you would have to declare it in a divorce scenario in your financial disclosures so a fair split can be established from your total combined assets.

sheramber

Do you expect your possibly soon to be ex to share his savings, pension etc with you?

AskAsk

as already said, when you divorce, all assets are considered joint assets irrespective of whose names it is in.

it is a bit weird to be honest as when you are married, your assets can not be touched by the other person even if they are your spouse under law, and yet when it comes to divorce, they can (confused emoticon)