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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33953
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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can i legally use shared savings to pay for the rent of another

Resolved Question:

can i legally use shared savings to pay for the rent of another property when going through a seperation from wife. i am still paying half of morgage in family home, but have left. thanks.
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is XXXXX XXXXX I will do my best to help you but I need some further information first
If the savings are held in joint names then you are entitled to use them - however be sure that you can justify the expenditure if your ex challenges it (In other words not a penthouse flat!)
Please ask if you need further details
Clare
Customer: replied 3 years ago.

Hi. The savings are in my bank. I have not split 50/50 as of yet. I am waiting for my wife to buy me out of family home.

Expert:  Clare replied 3 years ago.
Hi
How far have the financial negotiations reached?
Clare
Customer: replied 3 years ago.

Hi. We have verbally agreed to split everything. But she seems to be stalling on sorting her end out ie re morgage to buy me out. I am stuck with living at freinds house. Have told wife I will not share out savings till I get something in writing that she is remortgaging. Have also said I will move back in to family home if she dont move things on. Which didn't go down to well with her.

Expert:  Clare replied 3 years ago.
Hi
Are there any children involved?
How much is the house worth and how much is outstanding on the mortgage
How much are the savings?
Clare
Customer: replied 3 years ago.

Hi. We have 2 children.a 10yr old boy and a daughter of 18 and still in full full time education. The house is valued at 127k and have17k still owed. We have 18.3k savings.

Customer: replied 3 years ago.

Hi. Dont no if u got my last email or not it was sent this morning regarding children.house and savings. Please let me know. Thanks

Expert:  Clare replied 3 years ago.
Hi
My apologies for the delay
Does she have a new co habitee and how much is she going to pay you?
How much of the savings will you need to use?
Clare
Customer: replied 3 years ago.

Hi.no there is now new co habitee. We have a verbal agreement that we split every thing 50/50 .ie. equity in house. The savings and the furniture from the house . But she is stalling with sorting out her new morgage to buy me out of house. I have no other money than are shared savings. So am staying with friends untill she gives me the money from house and I can put that and my share of savings down as deposit on a new house for me. I would probably need about 4 k from savings to pay for 6 months rent if she does not sort her morgage out soon. Can only stay at freinds house for another 3 weeks. That is why I wanted to know if I could use the savings we had for rent then split 50/50 with the remaining savings.

Expert:  Clare replied 3 years ago.
Hi
is there any reason why you cannot simply use your share of the savings and rent somewhere?
Are you paying Child Maintenance as well as the mortgage?
Clare
Customer: replied 3 years ago.

Hi. Yes clare I am paying maintenance each week and paying half towards morgage. There is no reason I cant pay for rent out of my share of the savings. I just wanted to know if I could llegally use the savings money and share out wot was left after she finally sorts out morgage. ?

Expert:  Clare replied 3 years ago.
Hi
What income do you each have?
Clare
Customer: replied 3 years ago.

Hi clare. We both earn about the same. £1600 per month.

Expert:  Clare replied 3 years ago.
Hi
If you and your ex cannot reach an agreement on how the assets should be divided - and when - and the court becomes involved they will deal with the assets as a whole - not with the house and the saving separately
The problem that you would face is that it is unlikely that the court would force an immediate sale of the property until your youngest is 18 and at that point your ex might receive 60 % of the equity.
I would suggest that you simply say that since there is clearly a delay in the mortgage you will be stopping paying half of the mortgage from next May (you do NOT lose your interest in the property by doing so) and that you will be finding a six month let which will mean using savings as the deposit etc (not the ongoing rent)
Present this as a simple statement rather than a threat - it is a perfectly reasonable approach to the position that you are in.
If you have not already done so you could try discussing matters further using Family mediation (www.familymediationhelpline.co.uk)
Clare
Customer: replied 3 years ago.

Hi clare, sorry for the delay, have been working away. Thanks for your reply.can I just clarify that I cannot use shared savings to pay for rent but can use as a deposit which will b returned to keep the savings as they were when we split up. Thanks.

Expert:  Clare replied 3 years ago.
Hi
You can use it for whatever you wish - but you will have to justify the expenditure and using it to pay rent could be hard to justify
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33953
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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