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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11554
Experience:  30 years as a practising solicitor.
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I have been married years. My wife has told me she wants to be separated. We have 3

Resolved Question:

I have been married for 20 years. My wife has told me she wants to be separated. We have 3 children. She has asked for a separation date which I have reluctantly agreed to. My question relates to our financial assets which will now have to be split as part of a separation agreement. She has a flat in her sole name that she bought before we were married. We did however live in the flat together for about 1 year after we married, prior to moving to a house (in my sole name). She kept her flat. She rented it out and the finances were essentially separate. We moved from England to Scotland for my work. The house was sold and we purchased a new home in joint names. We still live in the house with our 3 children but "separated".
She has an endowment policy. Originally this was set up as an endowment mortgage with the Bank of Ireland. However the endowment is actually invested with the Prudential and matures in 2017. The projected return is about £35K. the Mortgage is for £50K. (The fl
Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.
Thank you for your question. I am a solicitor in Scotland. The property bought before you married is your wife's and isn't taken into account in the separation. All of your other property whether held solely or in joint names acquired since your marriage has to be valued as at the date of your separation as do any debts. The net value of the matrimonial property fall to be shared fairly between the two of you. Fair sharing wil inevitably mean equal sharing where you have married for 20 years. Any pensions you have will also have to be valued for the purposes of assessing a matrimonial property value at the separation date. You can learn more about financial provision on divorce by reading online the Family Law (Scotland) Act 1985. Happy to discuss further. I hope this helps. Please leave a positive rating so that I am credited for my time.
Customer: replied 1 year ago.

Thank you for your reply. I am not sure you recieved the whole question as the text is truncated. The later paragraph was as follows:



She has an endowment policy. Originally this was set up as an endowment mortgage with the Bank of Ireland. However the endowment is actually invested with the Prudential and matures in 2017. The projected return is about £35K. the Mortgage is for £50K. (The flat is now worth about £300K) The Bank of Ireland has informed my wife that they have uncoupled the endowment and she now has an interest only mortage with them.


Does her endowmnet policy now count as a marital investment?


This is the question I would like you to answer.


Expert:  JGM replied 1 year ago.
I didn't get that bit. Thank you for providing it. If the endowment was taken out pre marriage it is not matrimonial property.
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