Divorced 7 years, owe ex money from endowments. Consent Order (CO) states clearly she gets an amount based on maturity of both policies in Aug 12 or a fixed amount of £20k if over a certain figurs. Her solicitor made a mistake as both policies don''t mature then, one is in Aug 12 the other is Jul 13. The amount owed is determined by the total value which will not be known until Jul 13. She wants half of first one now and if I don''t pay, her solicitor has threatened going back to court and seeking the Asset Injunction. I have every intention of paying, but not until I am sure of final sums involved. Would they successfully get such an injunction, given I have made every payment owed to her, given more than half of all our assets to date and now have a family. She is still bitter and single!!!
What is the estimated surrender value of the second policy? chances are if it goes back your ex will get something from the first surrender, how much is the unknown, best try and negotiate this rather than take it to court, though i doubt costs will be an issue.
Its a shame this was not noticed and amended before now.
I agree with Dukey as the second one is very close to maturity you should be able to get a pretty good idea of the maturity value from the insurance company.
In your circumstance I would get an estimate of maturity and then base a payment figure to your wife upon that.
Going to court seems totally stupid and I am not sure how a court would view it, think possibly you might get costs awarded against you (definitely the solicitors will try it) if you have made no reasonable attempt to sort this out yourself.
It would of course have been much more productive to you and your wife for her solicitor to suggest you get a maturity value and you would base the payout on that but that isn''t the way solicitors work sometimes unfortunately.
Yup i agree they will threaten costs, standard dummy spitting procedure, i can`t see it being ordered though,this in effect is the fault of the drafting solicitor, really all they can do is ask for direction.
Threatening a freezing order is over the top, for some strange reason there seems to be a glut of avoidance of dissipation applications on wiki recently, do solicitors have to much time on their hands?.
first policy £35k, second policy is for £15k, but in its final year it is running a shade under half (£7k)for a projected maturity value, I am guessing a surrender value would be even less? Total she can get is £20k the remainder to me....just dont''t want to stump up £17.5k which she wants now when I don''t know for sure what the total value could be. Thinking about offering £10k now and final balance in Jul 13 when all facts are in? She has 10 months to wait for a mistake original set out by the very solicitor now hounding me!
Yes surrender value would be significantly less. Another option which used to be available (not sure if it still is - I used to be in financial advise) is to put up nearly maturing policies for auction where you get a better price.
Still, seems pretty pointless when you both need to wait for only a short time for the proper maturity value and the only reason this is in dispute as Dukey points out is that her solicitors made a mistake in the drafting of the original court order.