Our joint mortgage is £101599 and there are 2 policies in place which ''allegedly'' were supposed to pay this off. The endowment policy is maturing in January 2013 (supposed to pay out £32750)and the ISA does not mature until April 2024 (supposed to pay out £69000). I will have been separated a year by the time the endowment matures. Standard Life are guaranteeing a minimum payout of £20000. I obviously want to put this towards reducing the mortgage, do I legally have the right to do this as I am fully aware my ex husband will assume that he is getting a nice little ''windfall'' of £10000 to spend on whatever he fancies in January. (he is not contributing to the mortgage any more but pays £200 a month towards my son who is doing an apprenticeship and nothing towards my other son who''s at uni, both still live at home)
The endowment will be paid out directly to us in joint names.
Personally I want to leave it alone until the division of our total assets has been decided. (this sadly, could take some time as he said he hopes my solicitor is cheap..) I have taken advice about starting the divorce process and the financial implications. The family home was up for sale but he refused to accept an offer we had on it unless I was prepared to take 40% of the equity so that he would get 60%.
At least if I can reiterate that it is not half his and half mine, then hopefully it will stop him demanding that I pay him his share in January.