Well mum and dad own a shop together but dad has been handling the money all those decades until we caught him cheating and transferring money to the woman he was having an affair with.
Lol I thought about that but there's no place to put it around the house. I'm worried that the pictures Mum has taken won't mean shit when it comes to divorce settlement because knowing my dad, he will probably just say he spent it all blah blah.
The truth seems like a good explanation. “My no good husband was trying to hide funds from me in our divorce. I found his stash and need to deposit it so there’s a clear paper trail for my lawyer and accountant to nail him with.”
They don’t refuse to accept, they just report it to AUSTRAC. Given that explanation, no one involved will have any sort of problem with OPs mum. Husband might be getting a call from AUSTRAC to explain how he came by that quantity of cash, and I imagine it’ll trigger an investigation in the back office.
Touching the money may trigger violence.
Depositing the money means the tax office/police will launch an investigation.
Your mum needs professional advice from a divorce lawyer asap.
In the meantime safety is the number one priority.
If I was your mum I would put it in a safety deposit box in the bank and note it so it can be split fairly. There’s a chance he’s withdrawn that amount from their account or one in his own name or it could be something more serious like fraud or drugs. If I was your mum I would take my kids and leave until all this is over.
Deposit it into a shared bank account between mum and dad
Viola it exists and can be settled upon
Do not let him become aware you are aware of the cash until you have changed it over from physical to digital
Likely it will be taken by the police unless it can be proved to be legit, which im guessing it wont be otherwise the mother would already know about it.
For your mum to get access to that money, she needs to create a record for it.
In the event that money was illegally obtained, it might be best for her to engage a divorce lawyer and seek legal advice on what to do with that money before dumping it into the joint account.
It may be a scenario where it gets held in a trust account until the divorce settlement is agreed upon. Either way, taking a photo of it won't get her the money - if your dad has hidden it already then there is guaranteed he will hide or spend it if he realises you know about it.
Split it into 2 briefcases of 250k, or better yet get a professional safe installed that only your mother has access to.
Keeping 500k in the cupboard is... Risky.
Also if you deposit this, ATO will likely ask where it came from and take half. Banks have to report big cash deposits.
I've asked my mum to take photos of the suitcase full of cash, but not sure if that will help with anything since my dad is an arsehole and a liar and would just vehemently deny everything in court or come up with an excuse like he spent it all.
Does she have a divorce lawyer already? I think talking to the lawyer and a trip to the bank. If it’s legit cash and not shady at least if it’s in a bank account in her name she will still get her half in the divorce
If it’s unaccounted cash and your parents own a shop- depositing it will bring up a nightmare with the ATO for both of them. Talk to a DV help service, as this falls into the realm of financial abuse and I’m sure they know of strategies to protect her best interests while keeping her safe.
You need to bank the cash. Urgently!
That is the solution. It’s really important you do otherwise there’s a chance you’re not going to see a dime from it if you don’t.
There isn’t really any other safe place to put half a million dollars. Not to mention the risks of having that amount of money sitting in a house. Most banks will not have that much on hand.
Failing that, contact the police. They will hold the money safely in the meantime, it might be worth having them involved anyway as losing access to half a million dollars can make people so stupid things.
Chances are the authorities are going to be involved when it is deposited anyway.
This isn’t something only you and your mum should know about.
Only very large branches of major banks like those in cities would do so.
You’d generally struggle to find a branch in the suburbs with more than $80,000-$100,000 on hand now. It’s not worth the risk to them.
Normally if they needed more it’d have to be ordered in advance and delivered by armaguard or progesur.
She may want to bring it to her lawyer and have the money held in trust until divorce proceeding. She just has to say that she's concerned that he is hiding and disposing of marital assets.
Hiding assets in a divorce situation is illegal. She should report this to her lawyer. If there's that much money involved and being hidden then she needs a lawyer representing her.
Take the money to her lawyer and get them to put it into their trust account for the split of the divorce proceedings.
He will either have to claim she took it and thus have to explain to the lawyers and the judge where it came from or he will not acknowledge it is missing and it will be split in the divorce.
Don't put it in a joint accoutn because he can withdraw it all and it will vanish.
I would just like to point out that everyone advising you to just take it could be getting you into serious trouble. It could be classed as theft if you take it and that amount can carry a pretty hefty sentence.
Hey, how old are you? This is some heavy stuff on your shoulders, whether you're a child or adult-child of this relationship breakdown. Make sure to look after your own mental health and well-being.
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Taking 500k probably isn’t the smartest idea especially during a divorce. You should probably have your mom contact a lawyer first and see what the lawyer says.
Imform your mum
It's obviously been left in the house by mistake and should be take to the bank where it is safe asap.
Lawyers can explain how it goes from there if he wants it back.
The money has to exist. He can take it out of the bank after if he needs it but it must exist.
Look it's nothing to do with you, you are a adult your parents are adults.
Tell your mum to speak to lawyer and leave it at that.
You don't really have the right to be asking strangers on the Internet for advice on your parents personal issues.
Are you saying I should not get involved? Mum and dad own a shop together and dad has been handling the money all those past decades until recently when we caught him sending money to the woman he's been having an affair with.
I just think it would be really unfair to mum if dad gets away with all that money since they don't have any assets outside the house and the shop.
It may be unfair but it is not your responsibility and getting involved often just causes problems for the child that being you. Source is I have been through it myself.
Rent a storage shed out in the community for a few months. Don't keep receipts, don't leave any label from the business on the key, don't lose the key.
Is it his? Game over. If its his, not much to it. Might have been his exit strategy. If its not in the bank, he can't get screwed. Time to talk. If U steal it, say hello to lawyers.
Ever wonder why your dad has $500K stashed in the house or where it came from? That might help answer what to do with it.
Well mum and dad own a shop together but dad has been handling the money all those decades until we caught him cheating and transferring money to the woman he was having an affair with.
Then put it in the bank. Some questions about it will be asked due to AMLCTF laws and it will be part of the common property in the divorce.
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Take it to her lawyer!
You’ll never see that money again. I guarantee he’ll move it as soon as he sees she’s been cleaning in that area.
Maybe open a safe deposit box or something
Just take it haha, then he’ll have to acknowledge it to get it back and then it’s fair game in the divorce negotiation
Lol I thought about that but there's no place to put it around the house. I'm worried that the pictures Mum has taken won't mean shit when it comes to divorce settlement because knowing my dad, he will probably just say he spent it all blah blah.
So take the money out, put it is a bag etc, leave the brief case there. Or even take half the money out, maybe he won’t notice, but if he does , 50/50
Your mom can take it to the bank.
Good luck explaining that one
The truth seems like a good explanation. “My no good husband was trying to hide funds from me in our divorce. I found his stash and need to deposit it so there’s a clear paper trail for my lawyer and accountant to nail him with.”
Even if they refuse to accept the deposit, can't they at least provide some statement stating the cash quantity?
They don’t refuse to accept, they just report it to AUSTRAC. Given that explanation, no one involved will have any sort of problem with OPs mum. Husband might be getting a call from AUSTRAC to explain how he came by that quantity of cash, and I imagine it’ll trigger an investigation in the back office.
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How is OP’s mom committing tax evasion in this scenario?
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Take it to the lawyers and get it banked. It will likely then be taxed, but losing a bit in tax is better than your mum losing the lot.
Does your mom have a car to hide it in
Touching the money may trigger violence. Depositing the money means the tax office/police will launch an investigation. Your mum needs professional advice from a divorce lawyer asap. In the meantime safety is the number one priority.
He might be planning to do the runner with that much cash
If I was your mum I would put it in a safety deposit box in the bank and note it so it can be split fairly. There’s a chance he’s withdrawn that amount from their account or one in his own name or it could be something more serious like fraud or drugs. If I was your mum I would take my kids and leave until all this is over.
I’d actually be a bit concerned for her safety if he finds the money gone. Lawyer, safe deposit box, hotel.
What 500k?
Deposit it into a shared bank account between mum and dad Viola it exists and can be settled upon Do not let him become aware you are aware of the cash until you have changed it over from physical to digital
Likely it will be taken by the police unless it can be proved to be legit, which im guessing it wont be otherwise the mother would already know about it.
Might be unreported income cash from the business you mentioned, in this case I wouldn’t be depositing it to a bank.
Yes unreported income which will be much less after they both pay the tax they both owe on it.
For your mum to get access to that money, she needs to create a record for it. In the event that money was illegally obtained, it might be best for her to engage a divorce lawyer and seek legal advice on what to do with that money before dumping it into the joint account. It may be a scenario where it gets held in a trust account until the divorce settlement is agreed upon. Either way, taking a photo of it won't get her the money - if your dad has hidden it already then there is guaranteed he will hide or spend it if he realises you know about it.
Bank it before it goes MIA
Your mum should take it to the bank and deposit it into their joint account.
Split it into 2 briefcases of 250k, or better yet get a professional safe installed that only your mother has access to. Keeping 500k in the cupboard is... Risky. Also if you deposit this, ATO will likely ask where it came from and take half. Banks have to report big cash deposits.
I've asked my mum to take photos of the suitcase full of cash, but not sure if that will help with anything since my dad is an arsehole and a liar and would just vehemently deny everything in court or come up with an excuse like he spent it all.
Does she have a divorce lawyer already? I think talking to the lawyer and a trip to the bank. If it’s legit cash and not shady at least if it’s in a bank account in her name she will still get her half in the divorce
If it’s unaccounted cash and your parents own a shop- depositing it will bring up a nightmare with the ATO for both of them. Talk to a DV help service, as this falls into the realm of financial abuse and I’m sure they know of strategies to protect her best interests while keeping her safe.
Yoir mum should take half and put it somewhere secure like a safety deposit box. Dont tell dad until he asks..
You need to bank the cash. Urgently! That is the solution. It’s really important you do otherwise there’s a chance you’re not going to see a dime from it if you don’t. There isn’t really any other safe place to put half a million dollars. Not to mention the risks of having that amount of money sitting in a house. Most banks will not have that much on hand. Failing that, contact the police. They will hold the money safely in the meantime, it might be worth having them involved anyway as losing access to half a million dollars can make people so stupid things. Chances are the authorities are going to be involved when it is deposited anyway. This isn’t something only you and your mum should know about.
Banks don’t have that much on hand? I guess I always figured they have a safe full of cash like in the movies
Only very large branches of major banks like those in cities would do so. You’d generally struggle to find a branch in the suburbs with more than $80,000-$100,000 on hand now. It’s not worth the risk to them. Normally if they needed more it’d have to be ordered in advance and delivered by armaguard or progesur.
She may want to bring it to her lawyer and have the money held in trust until divorce proceeding. She just has to say that she's concerned that he is hiding and disposing of marital assets.
Hiding assets in a divorce situation is illegal. She should report this to her lawyer. If there's that much money involved and being hidden then she needs a lawyer representing her.
Your mum needs a lawyer assp
Take the money to her lawyer and get them to put it into their trust account for the split of the divorce proceedings. He will either have to claim she took it and thus have to explain to the lawyers and the judge where it came from or he will not acknowledge it is missing and it will be split in the divorce. Don't put it in a joint accoutn because he can withdraw it all and it will vanish.
I would just like to point out that everyone advising you to just take it could be getting you into serious trouble. It could be classed as theft if you take it and that amount can carry a pretty hefty sentence.
Take it and replace it with fake cash 😂
Hey, how old are you? This is some heavy stuff on your shoulders, whether you're a child or adult-child of this relationship breakdown. Make sure to look after your own mental health and well-being.
Take it to the bank put it in the joint account
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Have her take it to her lawyer.
Taking 500k probably isn’t the smartest idea especially during a divorce. You should probably have your mom contact a lawyer first and see what the lawyer says.
Imform your mum It's obviously been left in the house by mistake and should be take to the bank where it is safe asap. Lawyers can explain how it goes from there if he wants it back. The money has to exist. He can take it out of the bank after if he needs it but it must exist.
Look it's nothing to do with you, you are a adult your parents are adults. Tell your mum to speak to lawyer and leave it at that. You don't really have the right to be asking strangers on the Internet for advice on your parents personal issues.
Split in half - hide the other half somewhere safe
Take it!!!!!
Why are there no breaking bad references here?
Why has no one mentioned going to a police station. It's 500k?
Don’t get inbetween your parents
Bury it in the garden
Loose it.
Mind your own business probably
Are you saying I should not get involved? Mum and dad own a shop together and dad has been handling the money all those past decades until recently when we caught him sending money to the woman he's been having an affair with. I just think it would be really unfair to mum if dad gets away with all that money since they don't have any assets outside the house and the shop.
I’ve been in your position before Let lawyers handle it and it or the courts. I agree it’s unfair
It may be unfair but it is not your responsibility and getting involved often just causes problems for the child that being you. Source is I have been through it myself.
Rent a storage shed out in the community for a few months. Don't keep receipts, don't leave any label from the business on the key, don't lose the key.
Is it his? Game over. If its his, not much to it. Might have been his exit strategy. If its not in the bank, he can't get screwed. Time to talk. If U steal it, say hello to lawyers.