Complicated financial matter regarding ISAs
18 January 2019 at 9:21 pm #19802
My fiance wants to separate. I owned a house and when we met I sold it and we moved into rented accommodation. I put the proceeds from the sale of the house that I owned before we met into stocks and share’s ISAs over the next few years incuding opening up two ISAs in her name (I know). I did this because she didn’t need and couldn’t use her ISA allowance (I know). I have managed the stocks and shares in those ISAs for 5 years or so only to find out last week that she has changed the password and she is claiming she wants everything in her name including the car (bought with my salary) and the ISAs.
I was the ‘breadwinner’. She didn’t work. We have three children. I have no problem splitting up assets that we created or owned together but I am shocked that at this latest turn of events. It is immoral.
I hardly have a legal leg to stand on because:
A – the ISAs are in her name
B – we were not married
The family law solicitors I have had chats with on a pro bono service say they can’t do anything. That the law for unmarried couples is too weak and it’s not worth even trying. They suggest I could chase this through civil law, civil litigation. After an initial chat with a civil litigation solicitor it seems as though this could cost up to £30k and costs would have to be paid by whoever lost and the whole process could take up to 12 months if it went to trial.
Small claims is not an option because it has a cap of £10k and there’s more than that in the ISA.
I’m stuck. This is the justice system and an injustice has taken place. How is there not an avenue for me to challenge this reprehensible behaviour? The best advice I’ve had is “try to appeal to her better nature”. Hmmmmm.
Surely I’m not the first person to put something in someone elses ISA that belonged to me and then have it taken away from them. There has to be a precedent in the UK legal system about this somewhere. I’ve checked and cannot turn anything up but will keep looking. If any of you have come across anything that might help please let me know.
Andrew18 January 2019 at 9:44 pm #19804
Sadly this is one of those situations where trusting your partner with your finances to circumnavigate the cash isa rules can lead to a loss of income.
We cannot really advise better than financial advisers. I would genuinely suggest you do try and appeal to her better nature. If that fails explain you have sought legal advice and will pursue this. It maybe necessary to explain that your children will obviously grow with you effectively portraying her as a thief even you’d always intended to provide for your children.
Could she possibly be thinking these were gifts to her?
Maybe try haggling?
Sadly I think like many of us, myself included, you may have learned and expensive financial lesson. Which is to be blunt shit!18 January 2019 at 10:02 pm #19806
Thank you for reading and replying SOLOMUM. Yes I sense I might have to resign myself to learning that mistake, it’s so hard to let go, not because of the money (that of course hurts but it’s only money) but because I wan’t an effective and supportive co-parenting relationship with her. I don’t feel I can have that if she continues down this route.
What makes it worse is that I have two older children from a previous marriage. This is their inheritance as well as the inheritance for the three little ones I have now. Appealing to her better nature is something I will try. She had an affair with one of her friends husbands for a few months while we were together…I healed and forgave. I don’t say this to discredit her, I say it because I have little hope that appealing to her better nature will work. Her morals and ethics are not in the same ballpark as mine.
It still sticks in my throat that there is no realistic legal recourse here. I (possibly naively) assumed the law was to help ‘right wrongs’. “I’m sorry, it’s in her name, there’s nothing we can do” is such an overwhelmingly inadequate response from the field of family law. So what happens when a criminal robs a bank and puts the money in an account in their own name?!19 January 2019 at 7:52 am #19811
The difference between your situation and a bank robber though is very significant – he stole the money whereas legally you gave her the money and opened those accounts in her name. Morally she’s in the wrong, legally you have to be in a position to prove this wasn’t gifted to her.
May best maybe convince her to put the money into child isas?19 January 2019 at 6:31 pm #19815
Child ISAs might be a good compromise if they allow stocks and shares and I can manage the investments in them which are s mix of shirt, medium and long term opportunities.
Thank you for your help.