A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


declaration of life assurance

  • ALEXANDER
  • ALEXANDER's Avatar Posted by
  • Junior Member
  • Junior Member
More
28 Jan 08 #12209 by ALEXANDER
Topic started by ALEXANDER
in mediation...life assurance valued at £750,000 i know of hasn`t been declared...i realise that this is to do with my husband insuring himself..it was taken out some years ago...but shouldn`t he be declaring it ..what is the benefit to him of not declaring it?..help please..this is all very stressful

  • DownButNotOut
  • DownButNotOut's Avatar
  • Visitor
  • Visitor
29 Jan 08 #12235 by DownButNotOut
Reply from DownButNotOut
As far as i know life assurance is not really one of the 'big ticket' items up for debate when splitting finances.

It has no absolute value that can be compared / traded with the other real assets.

Where I believe it comes in is.....if you agree on a maintenance figure .....for example him to pay you 1000 per month for next 10 years.

You basically want that 1000/mth for 10 years guaranteed and if he died that income would stop.

1000/mth for 10 years = 120K.

So in this example you should be negotiating for him to commit (as part of the agreement package) to pay for life insurance on his life..with you as beneficiary..for a sum of 120K.

So in summary.....I do not think his current life insurance is that important......what is important is to protect your future maintenance income stream against his death.

If you agree a Clean Break deal (more assets up front and no maintenance)... then life insurance is not really relevant.

  • mal
  • mal's Avatar
  • Junior Member
  • Junior Member
More
15 Jun 10 #209369 by mal
Reply from mal
This might be helpful:

maintenanceassist.co.uk

although probably not - I have just noticed how old the post is!

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11