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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.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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marital debt

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26 Jul 12 #345538 by destruction
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how is marital debt divided please?

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26 Jul 12 #345540 by dukey
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I do hate super long questions ;)

How old are you both

How long where you married including time you lived together before marriage

Do you have kids if so how many and how old

Are you both in good health

What do you both earn

How was the debt generated

That`s for starters.

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26 Jul 12 #345542 by destruction
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haha.....sorry i didn''t know how else to put it!! :)

both 46

married in 1999 but lived together since 1988

2 girls - aged 12 and 10

both in good health

i earn £69,000 plus bonus and my wife earns approx £20,000

the debt consists of 1.credit cards 2.tax liabilities from when my business failed 6 years ago 3.car loan from my parents

the tax is being repaid on a monthly basis to the hmrc plus loans from family members


thank you

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26 Jul 12 #345543 by destruction
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plus outstanding mortgage of course!

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26 Jul 12 #345544 by dukey
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The credit cards and tax will probably be seen as a joint debt, loans from family are not really loans, they are usually considered soft loans, so unless there is enough money in the pot the loan from the royal bank of mam and dad may go unpaid.

So really we have a long marriage two fairly young kids, who will they live with post divorce?.

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26 Jul 12 #345547 by destruction
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my wife

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26 Jul 12 #345555 by dukey
Reply from dukey
Its not possible to look at debt without considering the global picture, ie how you will divide the assets of the marriage.

Chances are given the kids will live with mam and you earn far more than she does, be prepared to take on the bulk of the debt, another option would be to clear the debt and start a fresh but this is only possible if existing assets allow.

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