I got divorced 2 years ago, my ex brought me out on the house, but we also had an endowment policy – at the time we we’re splitting up (I was very stressed and desperate to get out of the marriage) I stupidly agreed that if he kept up the payments he could take over the policy ~ nothing was ever signed to this effect – Now 2 years later he is trying to take my name off, which cannot be done, but he can take over the policy and become the holder but both our lives are still insured. The insurance company tell me that if i die, he gets a payout (as the policy holder) but if he dies the money would go to his estate as i am not entitled. I am refusing to sign the policy over to him as it only has 5 years to run and will be worth approx 50k on maturity ~ does anyone know how this would stand legally as I was under alot of pressure at the time and in effect did say he could take it over not really considering the consequences at the time ~ can any leagel beagles/divorce solicitors advise ?
I jointly paid the premiums for 20 years !
i dont actually want half, but i do want a fair proportion for the time I paid in !
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Your gone your history, GO GET YOUR OWN MONEY, you didnt care about it before so why now? decided you messed up your life I see.
Just hope hubby hasn’t seen what you’ve put on here.If it goes to court you openly admit you handed everything over to him.Maybe you can work out together a settlement.I suppose you want half the money even though you haven’t paid any of the premium for quite a while.
i just went through this, on maturity or surrender there will be a cheque in joint names, so make sure there are no joint accounts he could sneak it into, also you are jointly covered so you are entitled if he dies, close any joint accounts ok
Any dealings with a life policy have to be in writing. If you haven’t signed away your rights, you are still entitled to a share of the proceeds. The proceeds can’t be paid until you sign a discharge and you should not do so until you and your ex have agreed how the proceeds should be split.
The exact position depends on whether it is still part of a mortgage deal on the house.
If it is, the first claim against it is to repay the mortgage. If there is any surplus, the mortgage company must pay it to your ex and you jointly (because you jointly assigned it to them).
If it’s not, the insurance company will only pay according to a form you both have to sign and you have to agree how it is to be split.
Well you did agree to let him have the policy if he took over payments. So really the policy and payout is his. But you can talk to him and tell him you were stressed at the time. Perhaps he will give you some of the money. I have two Endowment policies which I agreed to share with my ex-wife. They pay out in 2008 and 2012 so it will hurt me but there we go. I do feel for you . £50,000 is a lot of money.
Hi,get your self to citizens advice.I am sure he cannot force you to sign the policy also its in joint names so if anything happened to your ex the policy would become yours.A verbal agreement is legal however you were stressed.All you have to do is say tell the truth except say you cannot remember saying he could have the policy.Its only a white lie & you paid 20 years so you are entitled to your share.Good Luck
PS? We have an endowment in joint names & we are both insured.