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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.

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Another debt question....

  • HIM
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25 Apr 07 #116 by HIM
Topic started by HIM
After reading Sallyann777's post....
2 years ago i found my wife had run up massive debts on credit cards (all in my name!). She "looked after" the household money side ie i earnt it she then was supposed to sort the bills, holidays etc. Anyway i ended up having to take an IVA plan to pay all the money off.
I am two years in to my IVA, and left her 7months ago due to pressure/lack of trust etc etc. My question is, in the event of divorce is she in any way liable of these debts even though it's now going through an IVA? I can honestly say if i had a flash lifestyle/cars/clothes etc i wouldn't mind but all the money mounted up through her spending booking family holidays etc etc. Any advise would be appreciated thanks. Oh and with regards maintainance would this be considered, I appreciate the CSA calcualtions, I have always paid from day 1, but she says she is due money on top of the child maintainance, she does work - part time..HELP!!<br /><br />Post edited by: HIM, at: 2007/04/25 13:24

  • DownButNotOut
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25 Apr 07 #118 by DownButNotOut
Reply from DownButNotOut
My understanding is that technically as far as the creditors are concerned you remain liable for the IVA, but the divorce court will recognise that this was actually a joint liability (as long as you can show that).

An IVA does complicate ancillary relief proceedings as it is a third party with a right to the income stream of one of the main parties.

Basically any financial agreement should take the joint nature of this debt into account.

I would still makes payments at the full CSA rate if i were you but the IVA could be used as an arguement to:
a) avoid any additional maintenance
b) gain an increased share of any assets

Basically the IVA forms part of your ongoing outgoings and as such will be recognised as part of your needs.

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