TAS Money & marriage

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resea

Active Member
11 June 2024
11
0
31
OH and wife sold property last year
Split proceeds 50/50.

They separated for five months but reunited for the past nine months.

OH bought a new property during time of separation with mortgage solely in his name.
Wife and OH live presently together in this property.
Wife renovates it whilst he works and earns a living.
Wife has savings account which she lives off interest from it.
OH pays all rates, utility bills and mortgage.

Recently OH mortgage manager informed the wife she must deposit all her savings into OHs offset mortgage account to reduce interest rates of mortgage. He informed her that the money will go into OH name solely but she will be able to see it.
Manager seems to be under the impression that the money is not hers and that it is OHs money.
Possibly.OH informed him.of this when he took out mortgage.

Please advise.
 

lostinspace

Well-Known Member
25 November 2023
45
6
149
I am not sure about others, but I have no idea about what your asking exactly or talking about. If you want legal advise see a solicitor.

The only thing I can work out is, that they are still a married couple and not separated, and how couples arrange their finances and affairs is private.
 

lostinspace

Well-Known Member
25 November 2023
45
6
149
Well, your not going to get legal advice or free legal advice from a website. And if no one knows what you are really asking, how can anyone even have a punt at some info in reply.

Your post is like "riddle me this batman"

No one here can tell some fictitious third party what to do in a relationship, this is between the couple. It seems in your example, the wife is being asked to financially contribute to the relationship, but is resisting due to a common thought which is one persons money is the couples money, while the money they earn is their money to spend & should not contribute at all. But without all the actual facts and details, who knows.
 

Atticus

Well-Known Member
6 February 2019
2,032
298
2,394
Does this site not offer answers
No .. People here can offer opinions. The value of that opinion is in direct proportion to the information provided by you. I agree with @lostinspace that your post is vague.

I'm assuming that the mortgage manager is simply advising the best way to reduce interest on the mortgage, a practice most couples do ... I doubt he said she 'MUST' deposit money into the offset account. If she doesn't want to then nobody's going to force her.
 

Tim W

Lawyer
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28 April 2014
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resea

Active Member
11 June 2024
11
0
31
Do most people put money into someone else's account that is not in their name? I don't think so. This is advice that favours the husband and not the wife. This advice does not care for the wife's financial security and is strange advice for a banking institution to recommend.
This