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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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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.


Debts

  • chrisjoy
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26 Dec 07 #9564 by chrisjoy
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My husband who is the petitioner has run up huge debts, around 25-30K due to him buying his girlfriend expensive gifts, new clothes, furnishing, etc. We have not got to the financial form filling yet but I am worried that he is running up debt deliberately so that he would 'look better' on form E. Am I liable for his debts that are in his sole name? Would a court give me less a percentage because he has to pay off his personal debts? I myself have no debts as I live within my means and have always budgeted. He did say once that he is better off in debt. Any advice/help appreciated.

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27 Dec 07 #9571 by attilladahun
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You will clearly argue "financial irresponsibility"

If you can prove these costly things were for her then the Court will likely add them back into the capital assets and then deduct them from his share

The Court really only deducts matrimonial debts from mat "pot"

The Court will also have to take some notice of the parties general finances including his debts....

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27 Dec 07 #9573 by chrisjoy
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Thanks for advice but can you explain a little more. Do you mean that I would need to get hold of receipts etc of his spending? This will be a problem as he keeps everything hidden away. Also do you mean that the court will take his personal debts into consideration when dividing the assets. And when, how do I claim his financial irresponsibility? Do I do this at the form E stage? Am I better getting into debt myself by buying things that the children need instead of saving up for them which is what I would normally do? I know he has taken out massive loans and opened lots of new credit cards to fund his other life but without receipts it may be difficult to prove.

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28 Dec 07 #9609 by chrisjoy
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Sorry to go on but just one more question. When you declare your savings on form E do they want just the balance of the account or do they also want to see the savings passbook with the transactions?? Please advise, thanks!

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28 Dec 07 #9610 by attilladahun
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form E requires 12 months statements/passbook to be copied and supplied -if debts have built up longer you will naturally ask in a Questionnaire following Forms E for further details of his spending.

You will have his bank statements and credit card statements (or you should)

Difficulties arise with large or frequent cash withdrawls -clearly in that event you ask for that period him to disclose what his normal monthly expenditure was and for and additional expenditure a detailed breakdown with corroberation ie written proof.


"will take his personal debts into consideration when dividing the assets"

No Crt ascertains the mat assets - mat debts =mat pot

What I meant by the Crt will take personal debt into account is you still have to evaluate the parties individual circ to consider s 25 MCA 1973 factors eg whether hsg can be affoded, SM or CM can be afforded etc.

Am I better getting into debt myself by buying things that the children need instead -No

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28 Dec 07 #9612 by chrisjoy
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Thanks for your advice, it certainly is a complicated, for me anyway.

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