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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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liability

  • wardlester
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14 Jan 08 #10674 by wardlester
Topic started by wardlester
does anyone know please if one partner is liable for credit card and loan debts of their partner if those cards or loans were taken out soley in partners name during the marriage...? No kids involved just argueing over who is liable and what prcentage each gets of the equity of the house??? anyone help please???

  • LittleMrMike
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14 Jan 08 #10675 by LittleMrMike
Reply from LittleMrMike
My understanding is that you are not liable to the credit card company directly for debts or loans taken out in your partner's sole name unless you agreed to guarantee them.

However it is possible, under certain circumstances, for debts to be re-allocated but a great deal would depend on what the debts were for.

Can't possibly answer the question about the marital home on the limited information you have provided.

Mike 100468

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15 Jan 08 #10743 by wardlester
Reply from wardlester
thx i thought so....equity not an issue just the credit card debts

  • Josh2008
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15 Jan 08 #10744 by Josh2008
Reply from Josh2008
Credit card debts are attributed to the person(s) who took out the agreement and the credit card companies can only look to the cardholder for repayment.

However during divorce proceedings if it could be proven that both spouses had a benefit from the debts incurred the court could decide to account for it in the pot.

It's a bit of a grey area and I have seen examples where credit card expenditure can be accountable to both parties in divorce proceedings, even when they are separated

If the debts are substantial you need to take more expert advice

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