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Found out from a friend last night that the inheritance she's about to receive might now have to be split 50/50 with the husband she's divorcing. Does she have to oblige?
Long story cut short: she's lovely, a great mum and works hard (but doesn't have a pot to piss in). She kicked her husband (of 20 yrs) out a few months ago because she'd had enough of him being a lazy pig. He also has no money/assets but at least found somewhere to live and a new woman. Then yesterday he rocked up to say he's going to declare bankruptcy and file for his 50% of her lump sum.
I don't think she's even started divorce proceedings yet (because she couldn't afford to) so maybe that means she has to oblige? We've asked her to seek advice etc but she's not very good at that sort of thing, hence asking the hive massive ...
What say you? Ta
I'd tell her to go to her local Citizens Advice Bureau to start with, but then she'll need proper legal advice.
Make sure she's got someone to go with if she's not confident doing this stuff on her own.
Yeah, that's pretty much all we've been able to come with so far too.
Better to do a deal with him, let him go bankrupt and then give him some cash at a later date - otherwise the money will go straight to creditors.
You say [i]about[/i] to receive. Is there any way in which this can be delayed?
he's going to declare bankruptcy and file for his 50% of her lump sum
Seems pointless as the money will go straight to his creditors and he won't see any of it.
I would also assume that if he wants half he will have to start divorce proceedings and wait to see what the courts award him,
You say about to receive. Is there any way in which this can be delayed?
I'll know more this weekend. No idea if 'payment' can be delayed legally? Her brother is an executor so no doubt he'll be pushing things through as quickly as possible (for himself anyway).
I would also assume that if he wants half he will have to start divorce proceedings and wait to see what the courts award him,
He would have to start proceedings? Maybe I'm being dumb but I'd have thought he'd be more legally entitled to his share while still married? So should he not 1) declare himself bankrupt, 2) take his split, then 3) file for divorce (unless she gets in first)?
Surely if he goes bankrupt whilst still married then she is too?
(not a lawyer, just stating what looks obvious to me?)
I don't know either, however, when my grandfather died I was one of the beneficiaries of his estate. It took quite a while for his house to sell, so the solicitors sent each of us a share of what had already been cashed in, and the share of the house came later. I think there are still one or two small matters still being resolved that will mean another very small cheque each. So, whilst the solicitor involved in our case released the money in stages as it became available, perhaps it can all be kept until every single thing is finalised, so delay it that way? Although I suppose the assets in every inheritance are different.
Surely if he goes bankrupt whilst still married then she is too?
No, bankruptcies are personal
The time line might be important here, she needs to record exactly what happened when, especially the date they formally separated. He sounds like a total BS artist btw, trying to scare her. She should tell him to tell his lawyers to speak to her lawyers.
You need to check if the Inheritance is held on any sort of trust for your friend, if it is the executors/trustees could exercise their discretion to delay any distribution of the funds until after the divorce and bankruptcy issues are resolved.
If she is absolutely entitled to the inheritance then the value of it would be taken into account in any divorce settlement along with all of the other assets/ debts in the marriage, and if the ex goes bankrupt the bit that he is awarded would potentially be lost to his creditors.
Bit of a nightmare that one.
The time line might be important here,
I think she kicked him out around Nov last year - my guess that would also be the time of formal separation because they didn't try discussing anything afterwards. Divorce proceedings not started. Bereavement was a couple of weeks ago.
We're seeing her brother (one of the executors) this weekend so maybe we'll run through some tactics with her first. She's not very confident in any confrontational/standy uppy situation, plus her brother by all accounts is not a nice person (he's a millionaire whose never given her a penny). Could indeed be a tricky one.