Racking up debt on joint account

My husband and I have a joint account that includes our checking, savings, and mortgage. Since we have separated, he has been overspending on the account, going on sprees, taking out cash, and splurging on holidays - meanwhile, our equity is slowly dwindling. What can I do about this, and will it be taken into consideration in court?

indyflmgrl,

Your husband's spending is from the joint pot and unless you can prove through documentary evidence that it is personal spending, it is unlikely to be taken account of.

The joint account - I would be tempted to set up a new one that is purely for fixed outgoings and pay your share into it. Make that account 'joint signatory ONLY' such that both of you have to sign on the dotted line to set up any new direct debits, cheques, cash withdrawals etc. You will need to get him into the bank to sign a new mandate to that effect.

Anything that relates to you personally, transfer to your own account, including income and any direct debits etc.

The savings, move them to a ringfenced high interest account, to which only you have access. By all means transfer agreed drawings to his account.

He clearly can't be trusted, so take away his access.

My ex spent (and continues to spend) like Imelda Marcos. It is very frustrating and blatantly unfair. Stop him whilst there is still money there.

Mike

Is this one of those offset mortgage accounts?

If so, reduce the facility on the account with immediate effect, so that you can retain what equity you can.

Open a new account for your sole use and have salary etc and direct debits for you transferred to the new account.

My stbx increased the mortgage on our account using one of these accounts to the tune of £6,000 in less than a few months. My solicitor is in the process of trying to get the money repaid. It was used for hotel bills for the other woman, flowers, holidays you name it!! You should be able to prove who took the money out each of you would have cards with different numbers, cheque books would have different cheque sequences etc.

Its really awful to be treated in this way. Best wishes

Hi, inform the bank/lender that you are both seperated and they can freeze that account unless you both agree either for one to be removed or for it to be joint signatures.
as mike says the court will not bother with the money he has taken out so you need to get this sorted asap as he is taking half of your money out.
kind regards
dawn

Myself and husband got our banking sorted out as a priority. We had one joint account with mortgage, savings etc (which was really his own main account...I never used it)...then I always had my own account where my salary etc got paid in (thank god!). And we had one joint savings account.

We got my name taken off the joint account (although the bank still kept sending me the bank statements even to my new address when husband and I had both moved into our new homes.. the mail had both our names on it, so naturally (and genuinely) I really did just open them thinking it was joint mail to do with ongoing issues with mortgage redemption..much to my husbands fury it was his bank statements though!!! lol. Dont know why the bank still did that..or indeed how they got my new address!...was likely because I still have a credit card through them so likely to be admin mix up. Was hilarious though when I presented my husband with his bank statements two months in a row, despite his continual threat to the bank that he was going to sue them for breach of confidentiality etc etc. Really thought he was going to blow a gasket..particularly when I told him they made for very interesting reading lol

We closed our joint savings account within 3 months of separating and split it 50:50 to open up our own savings accounts with.

We havent started divorce proceedings yet and thanks to this site I now know that all finances are still all entwined together regardless of being separated...I hadnt appreciated that. Dont think my husband is aware of that yet but I'll let him continue to save his thousands in what he thinks is HIS own savings account until which time we start divorce proceedings. Suppose Im lucky in one sense that he is so mean...he wont be doing the shameless spending thing! Im not guilty of that either

Get the banking thing sorted out as a priority though!

Thanks for the replies and especially the personal stories, it really helps to know people have been in the same boat and didn't drown!

New question regarding this! Not sure if I should have made a new thread.

I have created a new bank account for myself for my future spendings. Myu name is still on the joint mortgage account, and with this account, it is very clear who has spent what in the transaction log. The equity/savings continues to go down at a rate of 2-3k a month! If I can prove overspending, will the courts make him pay it back out of his settlement, or do I need to take action to freeze the account now? I don't want to do anything drastic unless it's necessary, as it will sever all of the communication/relationship we still have.