Husband cashed in endowment & going bankcrupt in divorce & mortgage in arrears

ohcrap

Hello there,

I was hoping somebody might be able to offer me some advise?

I am divorcing my husband and since the separation he has cashed in assets including an endowment policy in excess of 70K ... saying he had to pay off family debts (which did not exist)!!!

He has since our separation accumulated a number of debts, god knows how since he had not been paying the mortgage and during our marriage we had no debts apart from the mortgage.

The mortgage is in arrears by 5k because he ignored the court order to pay it.

He has now quit his job paying 45K per year and is filing for bankcruptsy!!!

He is making sure that my child and myself will see nothing and will not have a roof over our heads.

Is there anything I can do to protect myself and my child from his actions.

I would really appreciate anyones advise.

Thank you

Ohcrap!

dunstonh

Is there anything I can do to protect myself and my child from his actions.

Discuss it with your solicitor.

lynnexxxo

I'm sorry I can't help more but if the endoment was a joint one them he should not have been able to cash it in without your signature. Also the cheque should have been issued in both your names and should not have been accepted at the bank if he paid it into a account in his name only.

He sounds like a complete a##hole.

ohcrap

The endowment was in his sole name as was many of the other assets as he had complete financial control over me. Luckily or unluckily the mortgage is in our joint names ... because it required both our incomes!!!

thanks for your comments X

ohcrap

Yes he is a complete a**hole!!! That is why I am divorcing him. I suppose better be in this situation than be under the control of a bully!

Ms_Brush

You need legal advice – and quickly. If you qualify for legal aid – which you should do if children are involved, get it sorted out now because it sounds as though you will need extensive legal advice.

However, the divorce laws are unlikely to help you, I’m afraid, because they work on the basis that both parties are honest. Even if you end up in court it still wont be put right, because it is about what is declared, and if it isn’t it is very difficult to prove otherwise. Unfortunately, in this case the honest parties usually come off worst! I know – I have just spent £20k in legal fees and still ended up losing a fortune because there is no real protection from a dishonest spouse. This is horrifically unfair and unjust – but (at this stage) no one in a position to do anything about it appears to be interested!

You need to distance yourself from his debts and protect yourself and your children. If that means you lose your house and end up renting, so be it – as you say, its better than being at the mercy of a bully!

If there are any ways of getting control of the debts and your house, then do so. Use surreptitious (but legal) methods if necessary.

Speak to your mortgage company and explain your situation – they may agree to help you. If you are making payments under an agreement, they cannot re-possess and As your ex has already cashed in the endowment and hidden the money, your solicitor will be able to argue that he has already had his share and is therefore not entitled to any equity. You just need proof he has had the money (ie a bank statement with the money in it, or a letter from them confirming he was paid the money)

More than anything, good luck and don’t panic. The hardest bit is over – you have made the decision to divorce. It will be difficult for a while and will be a long and rocky road, but it will be worth it when you have peace of mind.

Trollfever

You need professional advice:

http://www.clsdirect.org.uk/

ohcrap

Thank you Ms Bush, your words mean a lot, great to have support. I wish you luck also. X