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Good afternoon and thank you for your question. I'm Jeremy, a solicitor specialising in divorce, separation and financial matters. I'd be happy to offer you some guidance on this matter although, now it is going to court, I strongly recommend that you do seek professional representation as this has the potential to be a tricky matter. First and foremost, have you had any financial disclosure during the current negotiations? Why do you believe the court meant a full-cost endowment at the time - was this recorded in the consent order or any accompanying correspondence? Thanks, J
I'll be entirely straight with you. If it goes to court, you and your ex husband will easily spend £10k - £12k between you in legal fees. It's quite rare that courts make costs orders in one party's favour nowadays so that money is gone. It will also take at least 8-9 months to settle. You and him need to come to some sort of settled agreement. Technically speaking, you're £13,000 apart which, in the context of threatened court proceedings, is not a lot. Is there any way that you can reach some sort of agreement from this point? Would you accept a compromise of about £50k? In any event, you will almost certainly have to offer/attend mediation to get a MIAM certificate before you can make a court application. If you both attended mediation, you would need to have financial disclosure and consider compromise. Kind regards, J
In that case, you'll have to take the matter to court. Both of you will be expected to make open offers to settle before the final court hearing so you would probably offer somewhere in the region of £50k.
After the first hearing, I suspect the judge may direct both to prepare statements detailing your understanding of the original consent order although the court might order a jointly instructed independent financial advisor to report on the likely value of the portfolio. If it was found that he had deliberately invested in the wrong policy, the court may make an order that he pay the difference.
Good evening. The disclosure you would have would be related to the policy. You may find that it's also helpful to have some idea of income and pension. The MIAM is an acronym for mediation intake and assessment meeting - it is the 'gateway' to court nowadays. The court wants to see that the parties have either tried to resolve their dispute through discussion with a third party or, alternatively, there is a good reason for not trying mediation (distance or domestic violence are the 2 major factors). And yes, it will come down to the interpretation of the words. If the words in the consent order are not clear, the judge may want to see any paperwork you may still have from the time and details of the policy he took out. The court would require him to pay the difference between the policy's value now (£21k or whatever it's worth) and the value it could have been if he'd taken out the proper policy (but this would have to be assessed by an independent expert).