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Endowment and divorce (4 Posts)
Started By:
15 July, 2017 09:35AM
Endowment and divorce
surfer - 15 July, 2017 09:35AM
I have two endowment policies which I purchased with my wife from the Pearl in 1993 they are going to mature in 2018 in order to repay an interest only mortgage.
I was divorced in 2009 and I paid my wife a lump sum in order to purchase her share of the house and the endowments along with it
I have maintained the endowment policies ever since.
My ex wife has contributed nothing since and I have heard nothing from her since our divorce.
Now with the endowments about to mature I have received notification that she has changed her name on the policy to her new married name [she remarried in 2010] and now wants half a share of the policies.
I have had no notification up until this point of her intentions.
I don't know where I stand in relation to the mortgage and what rights we both have and how I go about repaying the interest only mortgages which is in my name.
Re: Endowment and divorce
Andyk - 15 July, 2017 10:46AM
Did you get a consent order when you divorced and settled the finances to pay off your wife? I would have thought that the endowment would have been included in that as part of the financial settlement, either saying that your wife makes it over to you or that you have to pay her a % of the proceeds when it matures.
Re: Endowment and divorce
surfer - 15 July, 2017 12:43PM
Thanks for the response,
I have a consent order dated 2008 but it is in respect of maintaining the house and sharing of the costs, including the endowments until the sale of the house.
Part of the order states that on or before the 'determining event' the petitioner shall have the right to purchase the respondents interest in the home at an open market valuation to be agreed upon.
The order also goes on to say that; upon compliance with paragraph 1 [see above] each party's claims against the other for financial provision and property adjustment orders and pension attachment or pension sharing orders do stand dismissed and neither the petitioner or respondent shall be entitled to make any further application in relation to their marriage under the matrimonial causes act 1973 section 23[1] [a] or , section 24 or section 24,25b,25c relating to pensions.
It goes on to say that;Pursuant to the inheritance Act 1975 section 15 the Court considering it just so to order that neither the petitioner not the respondent shell be entitled on the death of the other to apply for an order under Section 2 of that act for the provision of the others estate.
I took over ownership of the house in 2009 and the house is in my name as is the mortgage.
I agreed a financial settlement with her as part of the divorce and her solicitor arranged it all and the divorce was settled.
I have asked them for a copy of this agreement but they have informed me that the records have been destroyed.
So am at a bit of a loss.
Re: Endowment and divorce
davidterry - 15 July, 2017 02:18PM
I think you will find that if the order mentions the endowments it will also say what is to happen to them because it is almost inconceivable that a court would approve an order while leaving an asset such as this up in the air.
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