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.


Stupid question

  • braindearth
  • braindearth's Avatar Posted by
  • Premium Member
  • Premium Member
More
20 Jan 08 #11241 by braindearth
Topic started by braindearth
Sorry about this, but I am rapidly realising how little I know about anything...

My wife is about to move out. Her financial resources will be one bank current acount and one credit card, both solely in her name.

While we are still technically married could I be held liable for any debts she accrues from now on? If so then what steps if any can I take to protect myself from this risk? I do not have confidence in her financial management skills.

Many thanks

  • LittleMrMike
  • LittleMrMike's Avatar
  • Platinum Member
  • Platinum Member
More
20 Jan 08 #11244 by LittleMrMike
Reply from LittleMrMike
I don't think this is a stupid question at all.

But the answer, I think, is going to depend to some extent on what he resources are, how much she earns, and whether she has enough to live on ; if she is running up debts to buy essential items, then I would say that it is possible you could be allocated some of the responsibility for those debts as part of any divorce settlement.

Of course, as far as legal liability goes, you would not be liable to the lender if the debts were taken out in your wife's name and you did not agree to guarantee them.

Mike

  • Josh2008
  • Josh2008's Avatar
  • Platinum Member
  • Platinum Member
More
20 Jan 08 #11252 by Josh2008
Reply from Josh2008
No questions are stupid, you are asking a very valid question and Mike has given his experienced view.

Fact is that it is entirely possible in 'divorce law' to be liable for any debts incurred in separation as well as when living together.

There is not a lot you can do to stop her mounting up debts and if as Mike says she is just doing so to establish a new home and day to day expenses, the debts incurred could be split in any 'Ancillary Relief' proceedings

However if the debts are seen as reckless, say clubbing, buying expensive clothes, jewels etc.. She would be liable for all of that.

The 'Divorce Law' seems to want couples to enjoy the previously stable financial resources enjoyed in 'marriage' but the finality of it is most couples have to downsize, albeit for a few years

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11