Advice needed on separation and financial matters

[tillyE]

Hi, I have recently separated from my husband.  We have a house together, a joint mortgage and endowment policy.  Is this going to be a straightforward process or will the endowment policy be difficult to resolve?  I have continued to pay my half of things each month since separation.  The house value has tripled against the mortgage.  I know I need to get a solicitor, but want to be prepared/aware of what might be around the corner if a settlement cannot be agreed amicably. Thanks.

[Didwot]

Let us answer the easy one first. Endowment policies can be treated just like any other asset. They can be valued, and surrrendered, or sold, and you can split the value as appropriate, Now the difficult bit. There are no hard and fast rules as to who gets what if there is a divorce, other than what is fair in all the circumstances. If there are no children and you brought similar (or no) assets into the marriage, or if the marriage has lasted a long time, then half each is pretty much the starting point. For anything else see a solicitor

[scorpio61]

I got divorced last year and have a word of warning, if you can settle amicably then DO IT. No disrespect to solicitors but they are in it for the money. They will act "in your best interest" which will inevitabley lead to a conflict, as your partners solicitor will also be acting in their "best interests". Try and sort it out between yourselves and leave the solicitors just to rubber stamp everything. My Cousin divorced 4 yrs ago and it cost them over �10,000 in fee's once the house had been sold, the legal bills alone coming to �7,500. It cost me �750!!! Be reasonable with each other, don't lose your financial gain through stubbornness or spite, you both need to move on and skinning yourselves financially isn't going to help.

As a suggestion, if possible, the endowment could be kept by one of you (if you want to keep it and if it is performing well) and then whoever keeps it reduces their share in the equity of the property. Alternatively, sell or cash in everything, split it straight down the middle and start again, life really is too short.

Good luck

[Gef]

Excellent answers so far. My wife and I split up a while back and have just sold our matrimonial home. We both have lawyers but have done as much as posible ourselves to minimise legal fees. Are pension rights an issue? Get back if you need more info and good luck.

[narla114]

my answer to this is go no where near a court room!!
my partner of 3 years is still in a bitter battle with his ex receiving over half of his assets, he got custody of his daughter and now their home has to be sold to find money to pay the solicitors fees...of wait for it...£130,000.00 he will be totally broke with no home, all in the name of a womans greed , a ridiculous legal system and solicitors.