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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 23746
Experience:  Senior Partner at Berkson Wallace
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My husband has left me and does want to reconcile the

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My husband has left me and does want to reconcile the marriage, we are communicating by email only at the moment. Five years ago his sister passed away and he inherited money. We have a financial advisor who invested the money and it has been split into ISAs and other accounts in our own names, we both have the same amount of money. We were using this money jointly for holidays etc.
JA: Where are you? It matters because laws vary by location.
Customer: my question is now we are splitting up will my husband be able to reclaim this money even though it’s in accounts in my name?
JA: What steps have you taken so far?
Customer: none, he left me about 3 weeks ago. He hasn’t said he wants a divorce yet, I’m not sure if he will
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No, it’s the inheritance money I’m concerned about as that’s what I’ll need to use to stay where I’m living and pay th bills etc. We are renting so there is no property to sell.

Hello. Thank you for the question. It is my pleasure to assist you with this today.

Please bear with me as I will be online and off-line from time to time and therefore, may be delayed getting back to you. You will receive an email when I reply.

Sorry to hear this -can i ask if the money in ISAs/other accounts are in your name only?

Customer: replied 12 days ago.
My first sentence had a mistype, my husband does not want to reconcile. The money has been split 50/50 into ISAs in both our names individually. This was advised and arranged by the financial advisor. The inheritance is not in any joint names
Customer: replied 12 days ago.
I live in England, sorry didn’t see I’d been asked that earlier
Customer: replied 12 days ago.
We are both retired, we have our state pensions and we were using the inherited money to fund our lifestyles, it paid the cost of our rent each month to enable us to have nice meals, day trips and holidays etc. So we were using the money every month and the finances were arranged so we’re able to take approximately £1000 of the inherited money each month. There is approximately £200K of inheritance remaining which is spilt between us. As this was my husbands inheritance originally I don’t know if I’m entitled to 50% of it which is already in accounts in my name?

What will happen with regard to the division of marital finances is that everything will be lumped in together including pensions.  With regard to pensions you will need a Cash Equivalent Transfer Value (CETV) which converts the pension to a lump sum for the mathematical calculation.  You cannot get hold of that money but it converts it to a theoretical cash equivalent.

All the value of the assets are then lumped together and there is a division which starts off at 50-50 and it would then be adjusted in favour of one spouse or the other spouse depending on the needs of the parties, how long they have been married, where the money came from, et cetera et cetera.

Not just the length of the marriage would be taken into account but also any length of time together before marriage because it would be unfair if the couple were together for 29 years and only married for one year before splitting up (not uncommon) to be treated in the same way as a couple who had a whirlwind romance got married, were married for 12 months, and then split up.  So the whole length of the relationship would be taken into account.

It’s largely a mathematical thing but does look at needs after divorce.

Even if everything is being divided down the middle, it’s not really a case of dividing it down the middle, all the assets wouldn’t be split 50-50 but, for example  one person may keep the house and the other for example could have the savings and the pensions.

So everything would be put into the pot including everything which is in joint names although you can of course agree that you each keep whatever is in your own name.

If you are concerned that the inheritance which was put into joint names will suddenly be nobbled back by him, the chance of that happening is remote.

Thank you for letting me assist you with your legal question.  I am glad that I was able to help.

I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.

It will be my pleasure to help you again either further with this or any future questions you have

Kind regards

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