A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.

What steps can we take to reach a fair agreement?

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

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Where do you draw the line on finances.

  • Shepherd
  • Shepherd's Avatar Posted by
  • Senior Member
  • Senior Member
More
17 Jan 08 #10961 by Shepherd
Topic started by Shepherd
Hi Everybody.

There is something that is bothering me a great deal and I’m after a little bit of insight and advice.

Basically my situation is this, I left the marital home approximately eight months ago. I took a fair bit of credit card debt with me also which both myself and my xw2b clocked up, although the credit card is in my name. I’ve got this debt on 0% so its not clocking up interest at the moment but I’m having to maintain the minimum payments. Incidentally I’ve got more chance of getting blood out of a stone than getting any kind of a contribution from my xw2b for what is her debt as well. I’ve basically just accepted I’ve got to pay it and be done with it. (I have to accept a lot of things just lately).

Anyway …

I’ve got my Decree Nisi and I’m moving forward albeit slowly to try and get my xw2b to think of some kind of settlement via my solicitor. However, she seems to be burying her head in the sand and she hasn’t contacted her solicitor since July/August time. There’s no doubt in my mind that she’s clocking up lots of debt and I’m concerned about this.

What I want to know is, is there a cut off point whereby the financial settlement is calculated from. For example, xw2b clocks up 10k of debt AFTER the husband has left the FMH. Will this be taken into account with the settlement, or is the settlement only calculated on the value of assets and liabilities whilst they were together, in the marital home.

I wouldn’t expect my xw2b to be liable for debts I’ve clocked up since I left, for example I’ve spent an awful lot of money furnishing my new home as I had absolutely nothing. It just doesn’t seem right to expect her to pay for my things since the split.

I hope I’ve explained myself clearly.

Regards,
Shepherd.

  • gone1
  • gone1's Avatar
  • Platinum Member
  • Platinum Member
More
17 Jan 08 #10963 by gone1
Reply from gone1
Sheperd. Its my understanding that debt accrued after separation belongs to the individual. That means that it is her responsibility to service that debt. It does get mentioned though in the form E. I think the joint debt you have will have to come out of the pot. I would put it on your form E. Try and get this settled as part of the ancillary relief case. Chris

  • Shepherd
  • Shepherd's Avatar Posted by
  • Senior Member
  • Senior Member
More
17 Jan 08 #10964 by Shepherd
Reply from Shepherd
Hi ChrisM.

Thanks for that, its something that's been bothering me for some time. If I were to save up 3k since leaving the martial home, would my xw2b be able to claim some of it even though its money I've worked hard to save up?

I've always tried to save a bit of money to try and have a bit of security behind me but I'll be honest I'm scared to save anything in the bank in case I have to let her have half.

Shepherd.

  • Tinny
  • Tinny's Avatar
  • Platinum Member
  • Platinum Member
More
17 Jan 08 #10966 by Tinny
Reply from Tinny
Hi Shepherd
Not sure. All I know is I supplied all bank statements, pension and other assett info to my solicitor. All that info was current and about 6 - 8 months after separation. I was completly honest and open about this. Ex supplied the same but I am aware that he did have savings that were not disclosed but I didnt query this.

Fortunately neither of us had massive debts (apart from mortgage) and I wasnt even asked for credit card statements.

I was asked if I thought his evidence was accurate and I agreed even though I am sure there was hidden info but it was nothing I could prove although I knew we were expecting a windfall and had seen the paperwork before I left.

At the end of the day I suppose it depends on how awkward your Ex wants to be. It does seem very unfair for you.

Tinny

  • Shepherd
  • Shepherd's Avatar Posted by
  • Senior Member
  • Senior Member
More
17 Jan 08 #10967 by Shepherd
Reply from Shepherd
Thanks Tinny.

That's very helpful.

I hate having debt wrapped around my neck and I want to start paying it off, but as I stated earlier I don't want to start paying it off if its going to be detrimental to me when it comes to the settlement. I know that perhaps sounds a little bit mean of me but when you consider she's got everything and seems to be holding all of the cards, I'm kind of clutching at straws a little bit.

Shepherd.

  • gone1
  • gone1's Avatar
  • Platinum Member
  • Platinum Member
More
17 Jan 08 #10968 by gone1
Reply from gone1
Sheperd. U have to be honest about things like savings. Sorry but it must go into the pot. It pays to be honest about these things. If you dont declare it and they find out it looks bad on you. You will get ripped to shreds. U could pay off all or some of the debt with that money. You could also give it to your solicitor to spend. It will cost you that and more anyway. At the end of the day the debt you have taken was run up jointly and seeing as you are the primary account holder they will come to you. Sorry. Chris.

  • Shepherd
  • Shepherd's Avatar Posted by
  • Senior Member
  • Senior Member
More
17 Jan 08 #10970 by Shepherd
Reply from Shepherd
Thanks ChrisM,

Please don't be sorry, that's the kind of honesty I'm looking for. I want to know exactly where I stand. I'm not going to be withholding anything, but I need to make a decision and this is whether or not I go mad paying off this debt or do I hold back a little while until all the settlement is sorted.

Thanks
Shepherd.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11