Advice needed regarding matured endowment policy with ex husband please

TomandBabs

Hi, I am looking for advice regarding an endowment policy that has recently matured. My ex husband and I divorced a few years ago and the endowment policy was not declared by my ex in the divorce. I know I should have known about this but I was very naïve and he was very controlling with money and me and domestic abuse was involved and he has an harassment order is in place against him, therefore I have to be careful how I deal with him. I have now moved away and have a new life but he recently sent a form for me to sign for him to claim the settlement himself. The policy is still in joint names, therefore, I contacted the company explaining the situation, and they advised to send a letter to them with both our bank details on so that the endowment can be split 50/50, both parties need to sign for this to be approved. However, my ex has refused to sign the form and states he will not do so unless I agree to sign the money over to him, we are now at stalemate.

I have today contacted the company again and explained the situation but there is nothing they can do unless both parties sign the form. Has anyone had a similar experience or can offer advice?

Many thanks in advance

Mummyto4kids

Have you finalised your finances as part of your divorce? If not then this is the route to take - you need financial separation - you can either agree by consent or the court can decide who gets the endowment money.


If you have already got a financial order but neither of you disclosed the endowment at the time of the order then you are going to need some legal advice as there is usually a clause in these orders which says neither party can make a future claim against each other so it should probably be split 50/50 but if he wont sign then it needs to be court ordered.


I'd speak with a solicitor to be honest

TrickyDicky101

Define "divorced a few years ago" - the value of the endowment at the date of divorce could have been minimal if a long time ago, in which case the maturity value now is a result of events (payment of premiums presumably only by your ex, investment gains after the divorce) subsequent to your divorce.

If that is the case, then I would suggest that a division of value along 50:50 grounds would be inequitable to your ex.

TomandBabs

Hi thanks for the replies. Yes finances were settled during the divorce 5 years ago but he never we declared this endowment and I was so daft that I let him deal with the finances and was ignorant to be honest (lessons learnt). Looks like I will need to go back to the solicitors again (although I was trying to avoid the expense) unless he starts being reasonable before they open again next week.

Thrugelmir

TomandBabs wrote: »

However, my ex has refused to sign the form and states he will not do so unless I agree to sign the money over to him, we are now at stalemate.

Stalemate helps neither of you. Let him stew by doing nothing. Hopefully he'll come round to his senses.

If it's a question of trust between you then use a solicitor to handle the funds on behalf of you both. The cost can be shared between you from your respective halves. Not ideal but perhaps a way forward.

Keep_pedalling

I can understand why your ex is not happy with 50/50 as presumably he is the only one who has been paying the premiums over the last 5 years., that does not entitle him to the whole lot though.

As is is being totally unreasonable, the legal route seems to be the only way to go, but that means a 3 way split between you, your ex, and your solicitors.