Sister is in a fix

[vault]

Hi All!

My little sister is in a bit of a fix at the moment. Her marriage is falling apart and she asked my advice on a topic. She's not started divorce proceedings or separated at the minute but she thinks its gonna go that way. Her problem is what her potential ex can get from her financially. HE owns a business in which she has a 10% share. They own their house (mortgaged) and have no children. They have a joint bank account but she recently opened her own account to separate her finances from his. She has recently had an endowment policy mature and has also been made redundant from work (yep she's having a fantastic time). The issue is this, if she leaves her husband,will he have any claim on her endowment or redundancy package? Any advice gratefully received!!

May thanks!


Vault.

[joshualan]

Re: Sister is in a fix

Hi All!

My little sister is in a bit of a fix at the moment. Her marriage is falling apart and she asked my advice on a topic. She's not started divorce proceedings or separated at the minute but she thinks its gonna go that way. Her problem is what her potential ex can get from her financially. HE owns a business in which she has a 10% share. They own their house (mortgaged) and have no children. They have a joint bank account but she recently opened her own account to separate her finances from his. She has recently had an endowment policy mature and has also been made redundant from work (yep she's having a fantastic time). The issue is this, if she leaves her husband,will he have any claim on her endowment or redundancy package? Any advice gratefully received!!

May thanks!


Vault.

Why don't you consult an attorney?

[ostell]

Re: Sister is in a fix

The whole object of this forum is to help people without having to fork out for expensive solicitors.

[moriah]

Re: Sister is in a fix

I'm not an expert in any legal issue but according story your sister isn't divorce. Ergo, whatever property she have since she got married. It is all conjugal.

[charitynjw]

Re: Sister is in a fix

Hi vault

Maybe [MENTION=87380]Diana M[/MENTION] can offer an opinion.
I've given the lovely lady a nudge for you.

[FionaC]

Re: Sister is in a fix

Dear Vault,

I am sorry to hear about your sister's situation. The first thing to say is that many couples when they separate sort out the finances by way of agreement. Sometimes they use mediation, a solicitor or even just over a cup of coffee. If they can reach an agreement ( and don't forget he has a business he'll want to protect) then presumably your sister will be able to keep her redundancy and endowment as part of that.

I cannot comment on what she might get on this information I'm afraid, were she to go to court. You will hear a lot about 50/50 division of assets and often this is the starting point but a court considers the parties needs and has to consider fairness so many cases do not end up as a 50/50 split. It is also possible to protect one asset say savings and capital by saying-look I want to keep my savings and so I won't ask you for so much maintenance or any maintenance. Each case is looked at on it's own facts. While solicitors can be expensive many firms offer fixed fees or some advice free or for a small sum. This will provide more detailed and personal advice.

I would also look at the website www.resolution.org.uk for more general advice.

I hope this helps.
FionaC