Hi - Help Please

My wife has recently left the family home and i shall continue as the main career to our son who will live with me.
I have built up a little nest egg which is in my name that was going to be a gift to my son when he leaves home. What can i do with it as i don't want to have to declare it if / when divorce proceedings start. My wife does not know anything about it.
Can i not just transfer it into his name ??
Can i not just spend it ??
Thanks.

Hi,

I have a savings account for the kids which is in my name - because interest rates on kids accounts at the time were low and I did not want him to just spend it on himself.

We have asked for this to be ringfenced and so far that has been agreed - but not in a letter than is not "without prejudice" - so not official agrrement IYSWIM. We have Final Hearing coming up.

I have used some of the money to pay towards eldest daughter's big gap year trip and driving lessons - which is what it was intended for. The sum left over will go into an ISA in her name.

2nd child is now 16 so can have an ISA in her own name. Anything above the ISA threshold can be put in a savings account in her name.

3rd is too young for an ISA but I propose to open an account for her with another adult as signatory so I cannot access the money.

Perhaps you could do something like this with your savings? You may still have to declare it but if you have it in a fund you cannot touch ... or even some sort of trust fund/children's bonus bonds etc then I would hope it would be preserved for your son. How old is he? Too old to have a Child Trust Fund I assume? They only came in a couple of years ago. If he was that young, you could just pay the money in there for him to have at 18.


Hadenoughnow

.... you can post it to me babe!

No, seriously: technically, you can do what you want. However, if your wife finds out about it, then it could be deemed as 'disposing of marital assetts'... and that's not advisable. since a court may deem that Foul Play. She could then be awarded a bigger slice of the home.

Don't assume that because she doesn't know about it, she'll not be entitled to it. Don't assume that because you saved it, it's yours. Marital Pots are split in several ways. You might keep that, and she might be awarded a bigger slice of the home.

If you do go to Court, you are required to make full, honest financial disclosures. These will ask for all accounts, (everything: credit cards, savings, pensions, ISA's, PEPs, Bonds, Store Cards, Shares etc etc). You will be required to produce evidence, including supporting statements from the previous 12 months. If she then requests further statements (backdated to an earlier period of the marriage) then she can ask a judge for any requests.

If you have the spondulicks tucked under your matress, you are also required to disclose any cash you hold over £500 and specify what currency it's held in.

During my first divorce, my ex started making big cash withdrawals, all of which appeared on his Bank statements: (lesson: you can run, but you can't hide!) He then transfered the cash to a Safe Deposit Box, and failed to declare it. (This came to light when he was questioned as to where the cash went..) he also said he was a compulsive gambler: (Not!) and had spent it in Casinos.

He also owned a share in a Golf club (valued at £30,000) He said this was to be gifted to our son, which the judge accepted. The money had come from his late-fathers inheritence, (Our son was ten and liked to play golf with daddy). However, the day after our divorce - he went and sold it! I could've appealed, but didn't bother.

How old is your son? Can you put it into a trust for his education?

I have argued that some savings of mine are for my sons University education, he's eighteen and undecided, (having a Gap year) this is genuine and I hope the judge accepts this.

Thanks.

In the meantime, whilst my Wife decides if she definately wants a divorce, is there anything to stop me using some of this money for either myself or my son ?

Thanks to the both of you.
I will put it into a Childs Trust acc. with maybe my sons Grandad being the trustee.

If need be withdraw the cash little by little and get someone you trust to hold on to it, in this way you can claim to have spent it on anything, there is no trace of where it has gone and once it's over you can get it back.
All is equal in war & divorce, this is just my view from my current position, and may not be morally right but as long as you are being fair, I would do it

I have thought about that but drawing " small amounts " out will hardly touch the £20k balance. I guess if it takes a couple of years for the Separation to turn into a Completed divorce then this maybe possible.