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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.

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.

Assets and debts

  • hobbit
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30 Aug 07 #2665 by hobbit
Topic started by hobbit
Can anyone advise if both debts and assets are shared equally if you seperate? If not equally, are they shared? How do you go about doing this if debts are in one persons name even though they were built up jointly over many years?

  • DownButNotOut
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31 Aug 07 #2671 by DownButNotOut
Reply from DownButNotOut

In general assets and debts accrued during the marriage are deemed joint marital assets/debts and you have joint ownership of them (regardless of who's name they are in).

These joint debts are subtracted from the joint assets leaving the marital pot to be divided between you.

How much you get of this pot (40%, 50%, 60% etc) depends on a range of factors, but mainly 'needs' and 'income'.

Debts accrued after separation (but before final divorce) are a little different and the courts tend to want to ignore them and leave them in the name of whoever run up the debt during the separation.

  • hobbit
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31 Aug 07 #2678 by hobbit
Reply from hobbit
Thanks, thats really useful.

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