Insurance Policies and Other Assets
Many divorcing couples have endowment policies that have been running for a number of years. Although it is better for one or other party to retain those policies if at all possible, their value if surrendered or sold can often provide a useful lump sum with which to achieve a fair division of the assets. The nearer the policy is to maturity the less likely it is that it will be surrendered or sold because of terminal bonuses which will add substantially to its value .
Where a party agrees to pay maintenance or is ordered to do so especially where there are dependent children, it is very important to consider insuring that person's life so that in the event of premature death funds are available to meet the dependent parties continuing needs. Term assurance policies which cover such risks acquire no value and are relatively inexpensive.
Unless they are particularly valuable a Court is unlikely to agree to valuations of house contents, motor cars and jewellery. The parties are encouraged to try and agree a division of these items between themselves leaving the Court to deal with the major issues of housing and maintenance.