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

01202 805020
Mon/Fri 9am-8pm       Sat/Sun 2pm-8pm
Call for FREE expert advice & service info

Separation and Money

  • Buster007
  • Buster007's Avatar Topic Author
  • Senior Boarder
  • Senior Boarder
More
2 months 2 weeks ago #513583 by Buster007
Separation and Money was created by Buster007
Asking for a friend today!!

She has been separated for three years just be for the separation the couple remortgaged and paid off there credit cards and high interest borrowing. The Ex has now run all the credit cards up to there limit again and taken loans out, will this new borrowing be classed as marital debt?

Thank you for any advice.

Please Log in or Create an account to join the conversation.

  • WYSPECIAL
  • WYSPECIAL's Avatar
  • Moderator
  • Moderator
More
2 months 2 weeks ago #513590 by WYSPECIAL
Replied by WYSPECIAL on topic Separation and Money
If it's not in their name and they haven't benefited from it then it's unlikely.

Please Log in or Create an account to join the conversation.

  • el_johnstone
  • el_johnstone's Avatar
  • Expert Boarder
  • Expert Boarder
More
2 months 1 week ago #513687 by el_johnstone
Replied by el_johnstone on topic Separation and Money
As far as I know, any debt after separation is the responsibility of the person that did it. Marital debt (before separation) is the joint responsibility regardless of whomever SL name the credit card / loans are in.

This in my opinion is completely fair as it stops one person from spending what’s in the marital asset pot to satisfy their debts. Be careful though in building up any assets as they could be considered to be marital assets even after separation until the divorce is final and the financials sorted.

Hope this helps.

Please Log in or Create an account to join the conversation.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11