Finances when separated

bouicca21

I’ve just been reading Mewend’s thread and it raised questions for my own situation.  My ex and I are separated.  We went as far as getting a decree nosing and having a financial settlement rubber stamped but did not get the final decree.  Our thinking was that neither of us would remarry, the value of our properties hovers near the IHT threshold so transferable IHT relief would be useful (we have both made wills leaving everything to our children) and we are both in receipt of pensions that provide for a widow/widower’s pension to the survivor.  

Was that thinking wrong? Have we created a financial mess?

trailingspouse

Why do you think neither of you will remarry?

comeandgo

If I was your loving partner and you would not separate from your wife I’d have to think seriously about any future we had.  

bouicca21

I would never ever give up my independençe again and I love being single.  As for him he is not exactly a recluse but he doesn’t meet new people. 

Savvy_Sue

bouicca21 said:

I’ve just been reading Mewend’s thread and it raised questions for my own situation.  My ex and I are separated.  We went as far as getting a decree nosing and having a financial settlement rubber stamped but did not get the final decree.  Our thinking was that neither of us would remarry, the value of our properties hovers near the IHT threshold so transferable IHT relief would be useful (we have both made wills leaving everything to our children) and we are both in receipt of pensions that provide for a widow/widower’s pension to the survivor.  

Was that thinking wrong? Have we created a financial mess?

I don't know, from what you say later it sounds very pragmatic, BUT I do not think it would cost much to have a one off appointment with a solicitor to review your will and check whether having the decree nisi but not the final decree will cause problems or not. 

Also have you made a Power of Attorney? Has he? Presumably you no longer have any joint accounts or financial links?

RAS

I know of a case where there was a decree nisi, one party was about to remortgage to pay the other off according to the financial settlement but the absolute not yet through.

Then the other party died suddenly. The one who was going to remortgage discovered that they now "inherited" the entire house and estate. Had the absolute been through, they'd have had to remortgage even though the estate would gone to their children.

Can't recall if the deceased had a pension that paid out.