Safeguarding savings in a separation

WN4

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In a separation where one of the parties is financially vulnerable ie low-paid job, no pension etc and, due to numerous threats over the years, has saved a significant amount of money, is there any way of protecting those savings?

The other party is financially secure in their job, superannuated pension etc and the children will soon be adults.

How can one retain their own financial security because if it went to court the assets would be split.

At the moment the vulnerable party is considering a Swiss bank account. They don't want to be deceitful but feel they have no choice.

Would be grateful for any advice.
 
All I can comment upon is the Swiss Bank Account - it is a non starter, because unless you are talking about millions and are able to put sufficient funds on deposit to qualify as a private client, no Swiss bank will open such an account. Furthermore, under the circumstances you describe a Swiss bank would be required to deliver up all details about such an account if the become aware of it's purpose or if they are requested to do so.
 
Where are the savings now? In a bank account or in cash? If they are in cash then I would suggest to keep it like that.
 
Where are the savings now? In a bank account or in cash? If they are in cash then I would suggest to keep it like that.

In various accounts. The money could be withdrawn but there would be inherent risks in having large amounts of cash around
 
I believe that you will be required to complete a statement of Welfare where you will have to state all your assets, cash, etc.

If it is in a bank account then I don't think it matters where it is... because you will have to explain where you transferred the money to if you are asked. One possibility is to slowly drain some of that money into cash that you hide for yourself.

On the good side, you can ask for maintenance, a pension to be paid by him, etc. You need to get good legal advice tailored to your circumstances...
 
In a separation the judge will most likely grant a discovery of assets (if it is applied for)for up to previous 3 years. You are required to give all details of accounts etc.You need to be 100% sure that other party is not aware of these funds as if it is found out the judge will take a very dim view of it. Bear in mind that you are also swearing on a affidavit. Draining of large amounts of cash from accounts is also frowned upon and will not help your case if it is heard.
 
Surely you can negotiate a better split of the assets, maintenance and pension. I'm no expert in this area but I'd be getting some advice from citizens information who probably have a Legal Advice service.

This could be a good starting point
 
In a separation the judge will most likely grant a discovery of assets (if it is applied for)for up to previous 3 years. You are required to give all details of accounts etc.You need to be 100% sure that other party is not aware of these funds as if it is found out the judge will take a very dim view of it. Bear in mind that you are also swearing on a affidavit. Draining of large amounts of cash from accounts is also frowned upon and will not help your case if it is heard.

Could you explain the details highlighted above please
 
Withdraw it, put it somewhere safe, or with somebody you REALLY trust - If it comes to the crunch, you could say that you went through a phase of gambling, drinking, drugs etc and teh money has all gone... No way to disprove that!
 
Withdraw it, put it somewhere safe, or with somebody you REALLY trust - If it comes to the crunch, you could say that you went through a phase of gambling, drinking, drugs etc and the money has all gone... No way to disprove that!

It is not a great idea to tell lies to a Court! When found out, it tends to make the Judge cross and will likely affect the ultimate outcome. And no-one should ever underestimate the capacity for the truth to out. People who tell lies are generally not nearly as bright as they think.

There is a common misconception that in a separation everything is always split. This is not the case - the Court should take account of all available resources to both parties to arrive at a fair conclusion, making proper provision for both parties.

mf
 
Withdraw it, put it somewhere safe, or with somebody you REALLY trust - If it comes to the crunch, you could say that you went through a phase of gambling, drinking, drugs etc and teh money has all gone... No way to disprove that!

You have obviously never had to deal with a forensic accountant!!! But that aside the thing does not make much sense. If the OP is the weaker one financially then they would benefit from a sharing out of the assets not the other way, unless of course what they are really asking here is how to commit a fraud!!!
 
I was not suggesting that you lie or make false declaration of assets. What i was trying to get across was that you may think that the other party is not aware of these assets but in most cases they have done their homework. If other party is aware of these accounts you must declare them.If you do not declare them and it is mentioned in court it will go against you. MF1s post is spot on.
 
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