divorce settlement

Scotch_Bonnet_

So I have spent 60% of my life being married. Going through divorce due to domestic abuse. I have long term illness with no prospects of returning to work anytime soon because of this, as it is degenerative.No mortgage on the house, but I will not be receiving enough to purchase another and have money to live on, however will be over the threshold to continue to receive assistance.  Is it practical to put the settlement into a discretionary Trust for my care needs as I age/deteriorate? I am missing years of National Insurance Contributions, so pension will be very small.

Lavendyr

I'm so sorry to hear what you've gone through/are going through. 

You really need professional advice on this. Could you try the Citizens' Advice Bureau as a starting point, also look into legal aid. This is not a straightforward question and you need specific advice, not generic advice from a forum.

All the very best. 

london21

Sorry you are going through this.

Do take it easy, get professional help.

You do not have to have it all figured out instantly, take your time so you do not get overwhelmed. 

T.T.D

You need to speak to CAB about you NIC’s https://www.citizensadvice.org.uk/benefits/benefits-introduction/problems-with-benefits-and-tax-credits/if-a-problem-with-national-insurance-is-affecting-your-benefits/

it’s possible you had been claiming a benefit that was supposed to top up your NIC’s but failed to do so, or paid the wrong amounts. 

Usually all large sums of money in trust or savings are counted for means tested benefits, as you long term Ill your should check if your entitled to claim other benefits Like PIP and ESA or Universal Credit with limited capability for work related activity element, dependant on the type of illness you may also be catagorised as a light touch review customer (won’t be reassess every 2-3 years but assessed 5-10 years).

Getting more specialised help may put you a path to getting things sorted more clearly and correctly. 

TBagpuss

You say that you won't be receiving enough to buy - have you actually got a settlement in place or is it still being negotiated? It may be that the nature of the settlement could be tweaked to try to ensure that it better meets your needs.

You may also be able to look into Shared Ownership as as way of buying (The equity would not count as savings for benefits purposes and you would be able to apply for help with the cost of the rent element, if you qualified financially) 

Does your ex have pensions ? if so, you might be entitled to a share of those. Longer term, if you don't qualify for a full state pension you may be able to claim pension credit to top up your income at that time.

you would need to get proper advice about any form of trust as you might risk issues of deprivation of assets if you were setting t up for yourself - a solicitor who is a member of STEP, rather than a divorce lawyer, would probably be best placed to advise on that specific issue. 

Scotch_Bonnet_

Thank you all for your advice. I will be seeking further clarification from the CAB and a specialist advisor.