Divorce, Inheritance, Savings & the pitfalls of a joint account?

K

Kerrigan

Registered User
Messages
378
Hi,

I am currently in the process of a pending messy divorce with my ex wife.

I am in a new relationship where my partner has voiced her concerns as regards money she has within our joint account. Is her savings save? Could somebody shed some light on this please?

Also as regards the untimely death of myself; would my partner have access to my funds or again would this go into my estate and be administered to my ex and adult children.

Thanks a million for any feedback.
 
For sheer simplicity when it comes down to a judge/mediator determining your asset split with you and your ex, having a bank account that you do not share with anyone else would be a good idea. Otherwise, your new partner may well be dragged into the discussion.

Should you encounter an untimely death (let's face it, few of them are timely), your will should specify who will be the executor, and thus charged with the task of administering what remains of your estate. If you still have a joint account with your partner, then s/he will have access to the funds in it.
 
@Kerrigan

Most joint accounts are 'payable to either or survivor'.

This means in law a 'joint tenancy' and that means when one party dies the surviving party takes all.

As such your will is irrelevant.
 
Wizard is correct.

The contents of a joint account, do not form part of an estate when someone dies. They automatically become the property of the surviving account holder.
 
huskerdu said:
Wizard is correct.

The contents of a joint account, do not form part of an estate when someone dies. They automatically become the property of the surviving account holder.
Click to expand...

When we say 'become the property of' what does this mean in terms of inheritance tax?

Suppose I have a mound of cash and have 4 friends.

I open up 4 joint accounts and put say 500k in each.

I die, friends get the dosh and the Revenue get nought.
Is that correct?
 

IMO opinion close the joint account till u get the big D sorted as her lawyers will have a field day poring over ur partners assets, income etc which is none of their business. Joint acc in this case is badmovedotcom
 
Joint accounts are not that simple.

If the account is between spouses or parents/children there is a presumption that the survivor benefits.

If the relationship is more remote or if there is no legal relationship depends on facts of the case, mandates to bank, etc.
 
Could I just ask this question as its something I heard in the doctor's waiting room and ties in sort of with this discussion: If a divorced remarried person dies, is it the first spouse that receives the widow/ers pension and is it only one or two pension(s) paid?
 
I was wondering about the normal state pension as the people were talking about a local person who had died and Im sure they were discussing the widow pension and the whether two pensions would be paid or just one and to whom.
 
Thanks for the feedback. First thing Monday morning my partner is going to the bank and removing her money from the joint account. Obviously, I do not want her dragged through the courts by my ex's legal team.

If I happen to snuff it and leave debts behind me are these debts written off or do they come out of my estate? I'm presuming the latter.
 
Death does not extinguish debt, it will come out of your estate if sufficient in it.
 
Sandals said:
I was wondering about the normal state pension as the people were talking about a local person who had died and Im sure they were discussing the widow pension and the whether two pensions would be paid or just one and to whom.
Click to expand...

That is a really interesting question.

It is not answered directly in the relevant page of www.citizensinformation.ie

It does say the following

"If you are divorced and you would have been entitled to a Widow's, Widower's or Surviving Civil Partner's (Contributory) Pension had you remained married, you keep your entitlement to the Widow's, Widower's or Surviving Civil Partner's (Contributory) Pension. "

And the following

"The pension remains payable while you remain widowed/a surviving civil partner. If you re-marry, enter a new civil partnership or cohabit, it is no longer payable."

It does not say what happens if you die and have re-married and your first spouse has not remarried.
 
When the divorce is complete I hope to draw up a 'will' that sees my partner receive half of my estate. The other half will go to my adult children.

Can my children contest the 'will' on my death?
 
Sandals

Only one widows pension is payable

"Qualifying Conditions in Detail

Widow, Widower or Surviving Civil Partner

Where a person has been married, or registered as a civil partner more than once, the condition of being widowed or a surviving civil partner relates only to the last spouse of the person"
 
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