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Read our latest Financial Settlements guide (2021) 

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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endowment

  • janet2204
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03 Jul 12 #340942 by janet2204
Topic started by janet2204
Due to my divorce I lost my home through re-possession and because we''d not long since re-mortgaged we had a negative equity. I am now been asked for £50,000. I''ve been advised by NDL that it is in my interests to go bankrupt. I have got an endowment insurance policy due to mature in a couple of years, if I do go bankrupt, will they take what little return is due on it. Would I be able to sell the policy to a family member?

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04 Jul 12 #341000 by LittleMrMike
Reply from LittleMrMike
Sorry to hear about your situation, pretty awful. Wish I could offer some comfort - -

As I see it, if you go bankrupt the benefit of the policy vests in the trustee so the matter is out of your hands.

If you sell it, especially to a family member, there is a serious risk, from your point of view and also that of the buyer, that the trustee could have it set aside.

Sorry.

LMM

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04 Jul 12 #341082 by janet2204
Reply from janet2204
Thanks for that. Have you any advice as to what I could do to keep it. I feel rather miffed, as I said we''d just re-mortgaged and we used the money to pay off the family car and get a motor bike, both of which the ex took and part-exchanged and sold and kept the cash. The endowment wasn''t taken out as part of the mortgage but something I took out for myself way before I''d even met the now ex.

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  11. endowment

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