Splitting the Debt

First of all hello everyone, im new to the site..

My wife and i are divorcing after a 14 yr realtionship and 6 of those we were married, we also have an 11 yr old son.

i am now in some considerable debt and need advice, all of this debt has been acumulated over our time together and most is in my name alone.

we lived in a council house that my wife and son now has.

there is more than 20k worth of bebt and 10k of this is to the csa from my previous marriage (i know wouud be considerably lower if my wife would have let me pay)

7k is a loan i got for a car for her 1500 is what she spent on one and the rest of the loan was spent on various things

4k and 2k are credit cards in my name and on the statement sheets all was spent on family things, food shopping being the biggest.

4 k is my business that was failing.

1.5k is furnuture in my wifes name and she is paying
1.7k is our joint account that my wife said she would pay

ive been so depressed over the recent months i could not be bothered to sort anything out and just let her do what she wanted. i have now met a girlfriend and things are going well and just wondered if i am liable for all the debt in my name.

if anyone can direct me on this i would be grateful.

thank you

Hi

The thing to do when splitting with a wife or husband is

Tot up all assets, then take away all debts, what ever is left is then divvied up between you both, however you both see fit!

And hey presto its all done and dusted and we all move on in life and live happily ever after with a new partner! Great hey? So simple!

Life just isnt like the above though is it? It can take ruddy years of fighting tooing and frooing and disagreeing over who should pay for what.

I wish it was just like the above and in some cases it is, (just like in my first marriage, all sorted amicably and not a solicitor in sight)

In answer to your question though.........all debts that occur during a marriage become marital debts and it does not matter whose name they are in.

Kind ones
Louise

hi

thanks for that. but is it still the case when most of the loans and cards were in my name alone. all of the money was used for the family but they are only in my name.

this is becoming a worry and maybe wish i had never said anythink to her because and just taken on our debt, she is threatening her not leting me see my son, if i am resposible alone i have to go to her with cap in hand.

thnaks

Andy....
I sympathise... I am in a similar situation to yours... in that, I have some debt.... a loan, credit cards etc... which, before x2b did off taking all our money with him, I managed to pay each month.... but as Louise says.... debts incurred during the marriage count as 'joint' debts when sorting the 'pot' out..... regardless of who's name they were in....

Hi Andy

Yes those debts are her debts aswell, never mind what they were used for! If they were taken out at any time during the marriage then they are joint debts! If they are in your sole name it really has no bearing if they were taken out during your marriage.

kind ones
Louise

While you are waiting to sort this out, and it sounds like it may take some time, get some free debt counselling from an agency like CAB or Debtline. They'll help you prioritise repayments so that the debt doesn't build on itself in the interim.
This might well benefit both you and your ex partner.