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History: Home UK Divorce Forum
Topic:
assets (6 Posts)
Started By:
Date:
29 October, 2009 11:33AM
assets
Beverley - 29 October, 2009 11:33AM
Hi

I have savings accounts which my husband knows nothing about which came about from pension windfalls and years of savings. I also started the marriage with equity from my previous marriage and have the option now to get appx £7k lump sum from my pension before March. I don't want this to come to light in our mutual agreements for splitting the house equity. What is the consequense of moving the funds out of my accounts to my 29yr old son by my previous marriage, until after the settlement? My current husband and I have been together for 20 yrs.



Edited 1 time(s). Last edit at 29/10/2009 11:43AM by Beverley.
Re: assets
davidterry - 29 October, 2009 11:48AM
I think you can easily test the answer to this yourself. If this situation were reversed and your husband had savings accounts which you knew nothing about and if he transferred assets to a friend temporarily so that you would not find out about them how would you feel? Would you want them taken into account? And shouldn’t they be taken into account? They have been acquired during the marriage, after all.

Let us be blunt about this. What you are proposing is dishonest. It is an attempt to reach a financial settlement on the basis of facts which you know to be false. If this should come to light later then any settlement based upon information which turned out to be materially misleading could be set aside. Furthermore the person responsible for that would probably be ordered to pay the legal costs.

There is one final point which I should mention. It is that all solicitors are officers of the court. As such they have a duty to the court which overrides any duty to their client. No solicitor could assist you with this. It appears to be a deliberate attempt to mislead.
Re: assets
Beverley - 29 October, 2009 01:11PM
Thank you for the quick response.

I didn't want to do anything that was untoward so I am grateful for the advice.

He is very controlling and I am cutting my losses to get out, taking nothing with me. My pension will be minimal as I have always worked part-time to look after the children.

The help you give is priceless, thank you and keep it up.
Re: assets
davidterry - 29 October, 2009 02:18PM
Glad to be of help. Frankly, I do not think you have any need to do anything like that. The chances are that your lower earnings and lower mortgage capacity are quite sufficient in themselves to justify an unequal division of the equity in your favour.

It is in fact quite difficult to conceal assets successfully unless it is part of a plan hatched many years before divorce. There is usually a paper trail which leads to plans like this coming to light. And when they do it has very adverse consequences for the person who does it.

You also have to bear in mind that if matters are not settled by agreement and one of you has to make an application to the court for ancillary relief you would each have to swear an affidavit stating what your financial circumstances are. To make a deliberately false statement in that affidavit is potentially perjury. It is very easy to trip up when a person goes down that road.
Re: assets
mac - 30 October, 2009 11:05AM
i have property before the marraiage and savings.would the wife be entitled to percentage of that?or is it only assets aquired durin marraiage and what is the usual percentage.
i am currently semiretired and my savings are my real pension and living on the interest,would the wife still can get a share of that.
Re: assets
davidterry - 30 October, 2009 11:39AM
That very much depends. For instance, if a husband has savings and property acquired before the marriage and the marriage breaks down after a year then that is one thing. The fact that he had them before the marriage would probably be very relevant in those circumstances. On the other hand, if the marriage has lasted for, say, 30 years it would probably not matter a jot that the husband had owned them prior to the marriage. They would then be matrimonial property much like anything else.

And, of course, there is the question of value and proportion. If there is a dependent child and the housing needs of the child and of the wife could not be met without making inroads into savings the husband had prior to the marriage the court wouild not hesitate to do so. Those needs would trump the fact that the assets were acquired before the marriage.

All cases are different and these are the sorts of factors that come into play.
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