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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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Expresson of Wish for Life Assurance Scheme

  • starless
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14 Aug 12 #349505 by starless
Topic started by starless
Hi, I divorced 3 years (separated 4) ago, with one 9yo child, and to my shame haven''t yet got around to revising my will and life insurance arrangements - eek!

However, I''m changing jobs at the end of the month and one of the forms to fill in is the "expression of wish" for their Life Assurance Scheme, so this is thankfully forcing my hand.

Under our financial settlement, I pay child maintenenace (% of net salary) and spousal maintenance (fixed until daughter completes secondary education or spouse re-marries).

Obviously I want my daughter to benefit from any payout, but I don''t like the idea of my ex getting a lump sum, one reason being (without going into details) that in my opinion she''s not "good with money". So I''d like a trustee to dispense the money in monthly installments.

My sister, whom I trust implicitly, would be my choice of trustee. I could just make her the beneficiary and trust her to follow my wishes... or do I need to get what I want to do legally defined?

Has anyone done anything similar? How was it for you?

Thanks
Richard

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14 Aug 12 #349509 by WYSPECIAL
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Usual thing to do would be to make your daughter the beneficary and appoint your sister as trustee to look after money until daughter is old enough to take control of it.

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14 Aug 12 #349511 by starless
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Thanks, that makes sense - looks like I need to contact my future employer as their form only caters for direct beneficiaries. I want to avoid the nightmare scenario where my ex fights my sister over my estate :-(

  • soulruler
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14 Aug 12 #349515 by soulruler
Reply from soulruler
Ring the assurance adviser and at the same time thinking about making a new will - expressions for life assurance are not the same.

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