Parent separating
Discussion
My mother has told me yesterday that she is separating from her husband. Im happy about this as for a variety of reasons I've never been happy about the relationship, and as its turned out my concerns have largely been true (irrelevant to this post, however)
Short term my main concern is my mothers financial well being. She is mid-60's, and the relationship is only a few years old / 2 years of marriage.
My mother has reasonable capital build up (house, cash etc) but very little pension provision. She gave up work on the basis of her husbands very generous FS pension, and now has 12 months till private pension and ~24months till state pension kicks in. Between now and then my brother and I can take care of immediate spending concerns, should we need to.
Its my view that after such a short relationship (and union at such a late point in their lives) that the financial matters should return to as close to pre-relationship as possible.
They co-habit in my mums house (still in her name, but not sure how this stands as legally they are married).
They have 6 figure sums in cash that are in joint accounts. I've advised she needs to withdraw 50% into her own account immediately as the bank wont stop 100%withdrawal by either party. This would be purely for protection pending agreement of how to split the assets.
They've been quite spendy recently and bought a £50k car outright and a caravan that must be at least £20k. I will be pushing that these are sold and proceeds divided (or one party buys the other out at market rate)
Is there anything else she should consider? Specifically to protect herself and that she doesn't lose all the wealth / assets she's built up over a lifetime.
Short term my main concern is my mothers financial well being. She is mid-60's, and the relationship is only a few years old / 2 years of marriage.
My mother has reasonable capital build up (house, cash etc) but very little pension provision. She gave up work on the basis of her husbands very generous FS pension, and now has 12 months till private pension and ~24months till state pension kicks in. Between now and then my brother and I can take care of immediate spending concerns, should we need to.
Its my view that after such a short relationship (and union at such a late point in their lives) that the financial matters should return to as close to pre-relationship as possible.
They co-habit in my mums house (still in her name, but not sure how this stands as legally they are married).
They have 6 figure sums in cash that are in joint accounts. I've advised she needs to withdraw 50% into her own account immediately as the bank wont stop 100%withdrawal by either party. This would be purely for protection pending agreement of how to split the assets.
They've been quite spendy recently and bought a £50k car outright and a caravan that must be at least £20k. I will be pushing that these are sold and proceeds divided (or one party buys the other out at market rate)
Is there anything else she should consider? Specifically to protect herself and that she doesn't lose all the wealth / assets she's built up over a lifetime.
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