Endowment - wife cashed it in and kept it

[Anniebee]

On behalf of a male friend.. married 20 years. Each had their own property when they met. Moved into his, rented out hers eventually selling both to buy a bigger home. She had an endowment policy which they decided to keep going after they sold her flat. Basically they, mainly he, paid into it for 20 years. No sooner had she walked out of the door leaving him with the three children, she cashed in the endowment. It was paid into their joint account, the one the monthly contributions had always come of. She said they'd split it 50:50 then she blew the lot on a new car leaving him penniless with 3 children. She thinks it's her money as the endowment was in her name. Totally disregarding the fact that he actually paid the majority of the contributions. Surely it should be split 50:50? Can anyone help?

[Snoopy1948]

Re: Endowment - wife cashed it in and kept it

My understanding of an existing endowment in a single name (of one of the married partners ) is that it forms part of the marital assets and as such cannot be dissipated without both parties consent. However, if there is any legal argument to follow, then that dissipation of the asset can be brought into any subsequent negotiation, although your friend will need evidence in support.

[Anniebee]

Re: Endowment - wife cashed it in and kept it

Thanks for your help.