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Endowment query - rights for sharing when in one name only (5 Posts)
Started By:
14 October, 2017 11:00AM
Endowment query - rights for sharing when in one name only
mpd - 14 October, 2017 11:00AM
Wife decided to start divorce proceedings last year after 19 years of marriage - turns out she's had an affair (maybe more) a couple of years prior which I didn't know about. As she has no reason to actually divorce me the court has said she needs to wait 2 years to prove we have not been living as man and wife. She moved out of the family home last year so I live with my two children 15 and 17 years of age. That two years is up Sep 2018.

I appreciate she'll probably get 50/50 of everything even though she has never paid a penny towards the mortgage or any household bill but I have a decision to make which I would like advice on please.

I have one endowment policy left which is in my name only. I took this out years before we were married. Only I have ever made payments on this. Will she be entitled to half its value?

The reason for asking is that I can surrender it now and take the kids on a holiday that they deserve and it would be spent before we get round to discussing the financials. If I don't surrender it and she ends up with half the value I would effectively lose out. May sound selfish but the kids have not had a good time with her lies and behaviour and they deserve something nice.

Many thanks for any advice.
Re: Endowment query - rights for sharing when in one name only
Andyk - 15 October, 2017 08:44AM
I would say cash it in and enjoy yourself. You are not going through a divorce at the moment, she may we'll decide not to go down the divorce route after two years (although technically she could divorce you now using unreasonable behaviour). As I see it, it is no difference to spending a work bonus that you earned. Generally you look at assets at the time of the divorce, not before so it's unwise to build up capital and assets when you are in that position. She might argue that the value should be included in the split, if it were me I would take that risk and if she does get awarded half of it, deal with it when it is actually an issue.
Re: Endowment query - rights for sharing when in one name only
mpd - 15 October, 2017 09:55AM
Thanks for your thoughts Andyk - I'm leaning towards this approach for sure. She has started the divorce proceedings off so the clock is ticking; it'll only be a matter of time before the financial saga begins.

The only thing I was hoping to get from the forum is whether she would legally be entitled to a cut of the policy it if its never been in her name; I guess it would need to be listed as an asset either way.
Re: Endowment query - rights for sharing when in one name only
Andyk - 15 October, 2017 10:00AM
It would eventually form part of the pot, whether she would be able to include it if you spent it before you get notification of a Nisi I don't know. I guess if it's £90k it will be different to if it were £5k
Re: Endowment query - rights for sharing when in one name only
davidterry - 15 October, 2017 11:13AM
Bearing in mind that you started the policy before you were married and that you have been married 19 years I assume the value is significant. If, say, the house is has equity of £100K, the policy has a value of £5K and you spend the policy then you might expect to get £47.5K from the house rather than the £50K you might have been entitled to. The figures are by way of example but that is what you might be looking at. You also have to ask yourself how you would react if the roles were reversed and your wife did this.
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