Quizzes & Puzzles7 mins ago
Withdrawing Money From A Joint Account After Divorce
Hello, people, could somebody please advise me on the following; My now, wife divorced from her husband 5 years ago. At the time of the marriage they had a joint account to which funds were paid into from several different sources. After the divorce the account was left, what she thought, dormant but a chance online inquiry revealed funds had been paid into the account twice yearly. There was no indication as to the origin of the payments. My wife had legitimate access to the account and withdrew the funds. 5 years down the line and her estranged husband has sent us a letter stating the funds paid into the joint account were dividends from a share account which he thought were being re-invested and hadn't realised they were being paid into the joint account. He is now demanding the money be repaid to him in full to the tune of £1500. Am I correct in assuming,that because my wife had legitimate access to the joint account and the ex-husband had made the mistake of not checking his financial situation, then she was quite within her rites to withdraw the funds? Please do not think the money was spent frivolously, the money withdrawn was used to subsidise the paltry maintenance payments made by my wife's ex. Appreciate you responses from a legal perspective.
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From a banking perspective she was perfectly entitled to withdraw the money.
That doesn't make it her money though - I have share dividends paid into our joint account. But it's still me that has to include them in my tax return. Mrs dzug would in no way regard them as 'hers' even though she has access to them and can spend them.
In this case I suspect it depends on what financial agreement was made at the time of divorce but they xx probably xx belong to the ex.
That doesn't make it her money though - I have share dividends paid into our joint account. But it's still me that has to include them in my tax return. Mrs dzug would in no way regard them as 'hers' even though she has access to them and can spend them.
In this case I suspect it depends on what financial agreement was made at the time of divorce but they xx probably xx belong to the ex.
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I am dismayed that the joint account wasn't closed at the time of the divorce, as ours was, so the financial connection was severed - I don't understand why it wasn't. If she knew it wasn't her money, and she was divorced from the other account-holder, she shouldn't have taken it, it's misappropriation. How would she have felt if the boot were on the other foot? The amount of the maintenance has nothing to do with it, she still didn't have the right to hook out additional funds without clearing it with her ex first. The fact he didn't check where his dividends were being paid into doesn't make it her right. IMO.
It is not often that me and Fred disagree, but here, I must.
There is a presumption that joint account holders have joint access to the monies therein. HOwever, if the parties had separated there is an argument to say that the purpose of the trust had ended. The ex hubby could theoretically argue that it was his money which should "result" back to him on a resulting trust basis. A resulting trust occurs where A puts property into the joint names of A and B but all the funds originate from A. Consequently, I think he could claim the money back.
There is a presumption that joint account holders have joint access to the monies therein. HOwever, if the parties had separated there is an argument to say that the purpose of the trust had ended. The ex hubby could theoretically argue that it was his money which should "result" back to him on a resulting trust basis. A resulting trust occurs where A puts property into the joint names of A and B but all the funds originate from A. Consequently, I think he could claim the money back.
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With all due respect the your answers, and I thank those who have taken the time to reply, I was not after an opinion on the rights and the wrongs of the situation I was after a clarification of the legal perspective if there was any. Whilst I accept there could be cause for contempt, there are circumstances which have not been explained with the original text. Reply to Cassa333, please do not so rude as to air your opinions of character on a situation which clearly stated a request for a 'legal perspective'.
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Cassa333 what a self-righteous individual you are! My opinion of course! Please do not be so presumptuous as to assume you know what I am thinking, you do not. I have not initiated this conversation to prompt debate or "moral compass" issues, I am making a genuine inquiry as to where we stand legally. If you choose to post 'wherever you want' then I cannot stop that but to bully your way through a thread and make inferences such as the questioning of morality then that I will take issue with. I am well aware of the moral issues here and will deal with them in the correct way and in the correct manor. If you do not have a genuine and constructive answer then I would respectfully ask you take no further part in this thread please.
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