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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.


Bankruptcy and divorce, Form E etc...

  • Mrs Ingledew
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21 Nov 07 #7209 by Mrs Ingledew
Topic started by Mrs Ingledew
My ex has decided that he is not fit to work! He is working as his new partners groom and dealing on ebay on the side - so has a hidden income of you like. We used to share a company from which he has taken the stock and the R&D for future developments. And has told me I won't get a penny!
He is declaring himself personally bankrupt so that he gets 50% of assets.

Unfortunately there are no assets! But loads of debt - and I mean thousands.

We have 2 children (7 & 14) and he has stated that he will not pay maintence to them but give them money when he sees them.

He will not complete any forms on the finances.

He has a solicitor - under legal aid as his partner also "hides" her income by being paid cash for most of her activity.

How stuffed am I? Advice please.

  • NE0
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21 Nov 07 #7235 by NE0
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Hi
I am an Independent Financial Adviser and 4 years post my own divorce. I too have 2 kids (11 and 6) and a vindictive ex. She was keen to get every penny from my business so I reversed the process you seem to be facing and established a Limited Company. It helped me find the gaps in the amour some people try and hide behind and now I use my own experience and those gained working with many clients through divorce to help individuals get a fair settlement. No one wins in divorce but it helps to know what is worth fighting for and focus on these areas.
I really don't like exs feeling that they are untouchable and able to walk away from their responsibilities the system does exist to help you reach a fair settlement and if I can help you achieve this then I would be happy to do so. You are likely to need a team of professionals such as forensic accountant and a lawyer who understands businesses helping you through this, how far along the process are you?
Sometimes the costs can seem very daunting but I have a couple of connections with high street banks where they will cover the legal fees involved if there are sufficient assets to clear the loan at the end of the divorce.
If I can offer any help or support please let me know

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21 Nov 07 #7252 by Mrs Ingledew
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unfortunately no assets at all worth talking about - other then my ability to earn! Will take what coems and trust the courts!

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21 Nov 07 #7267 by Specialdad
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Receiving cash for trading and not declaring it is tax evasion and is a criminal offence.

Try informing the Revenue of your ex and his partners activities. That should shake them a bit.

Best of luck. B)

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21 Nov 07 #7281 by NE0
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Special Dad has a valid point. The Revenue are cracking down on Home traders on ebay as there s a papetrail they can reval if necesary so its not as tuf a nut to crack as someone doing a carboot sale and it all being cash. it wont be pretty threatening to do this but it may make him realise he has more to loose if he doesent fill out the forms. What does your lawyer advise?

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21 Nov 07 #7282 by NonMolest
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if ur ex decided to leave the work then u can say he left his work deliberately so that he shouldnt pay any maintenance to you and ur kids. I think court will turn very badly on him.

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22 Nov 07 #7331 by Mrs Ingledew
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Solicitor hopes that when he shows his bank statements it will be obvious that he has an income. He is recommending we go for a 50:50 split - Clean Break. AS liabilities well exceed assets my solicitor is hoping I get assigned the house captial of about 15K in all (after settlement fee and not including sales fees)and give him my share of the company (it is ltd by the way.)The assets are worth about 5K, we have royalties on 2 publication and 1 nera completion so there is future earning in there. However I will be left with sgnificantly more debt than him as I underwrote his cards! As to CSA it has been suggested that they will look at his standard of living after all he drives a sports car (not new but expensive to run) and he and his partner own several horses (not cheap!!)

Still even if I had to pay him 100% of the assets it would be worth it!

We were hoping for the court to tell him to pay costs but he will plead no income. He has told mutual friends that there it isnot viable for him to get a job at the moment as he wants to appear as poor as possible.

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