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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.

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.


Moving into rental & buying new stuff

  • bobbeckit
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02 Jul 12 #340646 by bobbeckit
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Hi All,

I have decided to leave the FMH and move into a rental property. The solicitor has given me the green light as it won''t change much.

I was calculating all the bits and pieces that I need today to move in, and will need at least £1.5K to equip the house so that I can look after the kids when I have them.

I was planning on borrowing the money from my parents, but on thinking was wondering if it may be better to throw it on a credit card to show as a debt.

I know it''s not a lot of money in the grand scheme of things, but I would rather it count against my liability when it comes to the crunch, rather than still owing it to my parents and the liability not be recognised.

Hope this makes sense.

Bob

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02 Jul 12 #340658 by SilverFir
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Makes total sense to me.

I had to kit out a new rental home after I ended my marriage. I spent my £3000 savings, and one year later I had to borrow £2000 to replace my car, which I got from my parents. On reflection though - now that I''ve read what happens during Financial Orders - I should have purchased the furniture on credit card and spent my savings on the car. At least then I''d have a genuine legit debt to demonstrate.

  • mez
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02 Jul 12 #340663 by mez
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Hi Bob, Sorry you find yourself in this situation but I am sure you will get good support on here.
I am not an expert but if divorce proceedings have already begun I don''t think furnishing the property using a credit card will be classed as "A debt of the marriage."

The housing needs of the children are priority & if they will be mainly resident in the FMH, I think they are deemed as met & the rest is done by mutual agreements, sorting out child maintenance & visits etc.

Have you looked at local online selling sites & local ads in shops & papers for most items to keep costs low? You can look at replacing them at a later date when finances are agreed & things have settled into a new routine.

If I am wrong about the credit card v family & housing needs someone will be along and correct me. Good luck.

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02 Jul 12 #340681 by bobbeckit
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I haven''t disclosed any finances yet, and she hasn''t filed for divorce, so I am hoping that I can squeeze this in before anything formal happens.

Based on what I have read, and whether I have understood it correctly putting it on a card would be the way to do it.


Regards

Bob

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02 Jul 12 #340692 by cookie2
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Yeah, might as well stick it on the credit card. If your parents want to help out then they can pay off the bill after your divorce and finances are done.

  • Bobbinalong
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03 Jul 12 #340735 by Bobbinalong
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its not often this would be taken into account, been there done it.
I got most of my stuff from heart foundation shops, it was ok for while I was renting, you can get some good stuff.
I had to divide the cars up when I left and pay her a couple of grand, I didnt get any help with settign up a new home for me and my kids though!
I guess it depends on whats going to happen back home, if she is looking at claiming sm etc then maybe its worthwhile?
you will prob be paying cm anyhow.

  • hawaythelads
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03 Jul 12 #340742 by hawaythelads
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Bob
I would go one better than a credit card to make it a definate LOAN from the bank for £1500 rather than on a credit card.
Money from parents is completely and utterly dismissed in divorce as a liability as a soft loan and you haven''t god a snowballs chance in hell of getting it back.
Credit card balances are not treated much better.
A LOAN from the bank is the best possible way that the opposition cannot dispute.Here''s a loan agreement for £1500 that I had to borrow to finance the furnishing of a flat for when the kids come.
GET A LOAN!!

All the best
Pete xx

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