Joint life insurance policy - estranged spouses

[Bbbananas]

My husband & I are separated & have lived apart for almost 3 years. We did not cancel our joint life insurance policy - it is still in both our names but he has paid the d/debit payment each month. I am sent the annual bonus statement sheets.

We are each named as each other;s beneficiary should either of us die. Would he have been able to change the name(s) of the beneficiary without my being aware of it?

[Lakitu]

No, my parents separated a couple of years ago and I they have only just separated all the assets, including the life insurance. My Dad was not able to change it without my Mum knowing about it (not that he tried to!)

[Bbbananas]

Thanks Lakitu.

I don't supose you'd know about Pensions also would you? As in; my ex has had a rather large pension with the Norwich Union, which he had all the way through our marriage & in which I was named as beneficiary. As far as I know he kept paying into this until at least 6 years ago when made redundent, and may have resumed paying into it. I do know he hasn't cashed it in because he is not allowed to until he is 55 at the very least (he's 51).

Could he have changed my name as beneficiary on that policy without my knowledge? (To prevent, say, my making a claim on a proportion of it when and if we ever divorce).

[Lakitu]

I'm not sure if you'd be informed about that, because that is personal to him rather than a joint thing, however, even if he DID change it without your knowledge it makes no jot of difference in the eyes of the law.

When you go to get a divorce, you can claim a portion of his pension and there's not a fat lot he can do about it.

[Bbbananas]

Really? That is useful to know, thank you.

At this moment in time I don't intend to claim a single goddamn penny off him - but God knows in different ways I certainly earned a proportion of it.
If he plays dirty - I shall bear this in mind.
If he plays fair - then so shall I.

[Lakitu]

I was lucky in that respect, my ex hubby and I didn't want to play dirty and we didn't want it to be dragging on forever and a day, so we sat down and discussed how we would divide the assets ourselves and our respective Lawers were told that this is how it would be and little point in trying to get me to go for more than I did.

My parents have 'kind of' done the same, but my Mum wanted a lot more (they were married for 30 years, so I understand why). Both of their Lawyers told them that she was entitled to a portion of Dad's pension, life insurance and of course the half of value after mortgage of the house.

My Dad didn't want to be putting the house up for sale, cashing in policies etc., so they have agreed a sum between them (there was a lot of to-ing and fro-ing) for all of those things and Dad got the money (a loan I think) and paid her the agreed amount.

However, he did not hand over penny until everything was written in a separation agreement, which states that Mum has no stake in the house, pension or anything else and that she cannot go for anything more when the time comes for them to divorce.

Salla, if you haven't already got a legal separation, I really encourage you to get one. My ex and I did this for a 2 period so we wouldn't have to fork out heaps for a proper divorce (I think it's 5 years if kids under 16 are involved). If nothing else, it will protect you from his mistakes (you're still liabale to be chased by his debtors as you're still legally his wife, they don't care you're not 'together')

II do know you had a difficult time and it may not be straight forward for you, but please at least think about protecting yourself.

Hope all that made sense LOL

Lak
x

[Bbbananas]

Thanks for that Lakitu.
It's something I have thought about, and no doubt he has too, but to be honest there is no house or money to fight over and the reason we have not divorced yet is because of our 'joint' children (even though they are 24, 25, 26 & 27!!). I think in our minds, if we are not divorced, we are still all one family.

Silly maybe, but it's our way.

I don't think for one minute he will play dirty - neither of us has anything to play with (apart from the life insurance & his pension - I had to cash mine in when I left him to get a deposit for a rental house). I don't want anything from him either, but I would like to know where I stand if he dies.

[Lakitu]

If you're both happy with the way it is then that's fine. You're still legally bound as his wife so if he dies you will benefit.