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Endowment Policy

  • its all gone to pot
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13 Apr 12 #323540 by its all gone to pot
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I have an endowment policy in my name from before we we got married which I took out on a flat I owned before we were married.
My wife (STBX?)is currently demanding that I get the policy amended so that it can only be paid out or cashed in with her consent, can this be done? She is currently worried I may cash it in and hide the proceeds (sadly all trust is lost) has anyone out there done this?

  • Lostboy67
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13 Apr 12 #323568 by Lostboy67
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Hi
Welcome to wiki, sorry you find yourself here.

I''ve not done either (adding a name, or cashing and hiding the money :-))
I would suggest that you need to speak with your IFA or your endowment provider to see if it can be done

LB

  • hadenoughnow
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13 Apr 12 #323570 by hadenoughnow
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The endowment policy in your name is part of the marital assets pot. If you did cash it in and spend it then that would count as dissipating assets and it would be factored in to the negotiations as if it still existed.

If you did find a way to add her name to it - which I doubt you could as it is a single life insurance policy - then you may very well end up having to take it off again - or transfer it to her depending on how the financial settlement pans out.

As to how it may be shared, it is the cash in value now that goes in to the pot. How much you each get would depend on what else is in the pot, how much you earn, how old you are, how long you have been married, whether you have children etc ...

Hadenoughnow

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14 Apr 12 #323601 by its all gone to pot
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Thanks-I have said to my wife that I have not got a problem with sharing the proceeds of the endowment with her but she wants this formalised in some legal way up front, or I will not be able to get in the house on Tuesday evening after work!

But what you are saying is:- as she is aware of the endowment she can ensure it is included in the pot even if I tried to hide it (this seems pretty obvious to me)so she has nothing to fear. Unfortunately she is running high on paranoia at the moment.

I did suggest we cash it in to clear our C cards, over drafts and, loan etc, which would make life easier, but this was not received well.

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14 Apr 12 #323696 by hadenoughnow
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Erm she is asking the impossible ... in any case anything you agreed between you now would not be legally binding.

If she wants things formalised - then you need either a Separation Agreement (which may or may not be upheld on divorce depending on whether you had legal advice etc)or a Decree Nisi and a legally binding financial settlement. That means one of you has to set the divorce ball rolling - if that is what is going to happen.

She can always apply for a section 37 order to stop you spending assets but this would be daft as they cost a lot ...

How long have you been married? Are there children involved? Is there any basis for her lack of trust?

If you are joint owners of the house then she cannot prevent you from entering ... but do please be very careful not to put yourself in a position where you can be accused of violence and have a non-molestation order taken out against you.

Just another thought ... is there something else you could do .. like lodge the endowment paperwork with a solicitor or bank to put it out of your reach so you cannot cash it in? Would that mollify her?

Hadenoughnow

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