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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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Mortgage debts

  • clareb26
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27 Feb 08 #15142 by clareb26
Topic started by clareb26
My husband & I were married for 5. We have 1 child together, we split up after his affair when our child was 18 months old.
It has been 2 and half years since the split and we are trying to come to a financial settlement regarding the house.

The monthly mortgage on the house I have paid since the split.
There is 30K equity remaining in the property of which he is willing to sign over to me.

Question - Throughout the marriage we remortgaged £100K of which 70K was because of his buisness debts
I have itemised credit card transactions on all buisness purchases and when we remortgaged to pay these off.

Who is liable for these remortgages ? Even if I have the house and equity remaining can I claim some money spent on his buisness debts back from him???

  • LittleMrMike
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27 Feb 08 #15198 by LittleMrMike
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I'm assuming that the house is in joint names and that you both signed the mortgages.

As far as the lender is concerned, if you both signed the mortgages, you are both liable.

My immediate reaction is, can't your husband claim these debts against tax as a business expense ? This would suggest that it would be more logical to allocate the responsibility for the debts to him.

As you say, one way of dealing with the matter would be to order a property transfer, or perhaps higher spousal maintenance, but whether these courses are appropriate depends on your finances.

Mike

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27 Feb 08 #15212 by attilladahun
Reply from attilladahun
Court will look at the detailed finances of parties -in reality they are not going to make him pay the debts especially if you get the equity.....one needs to know loads of info to reach a decision

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