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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.


Help/advice needed please!

  • mizztb
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09 Jun 12 #335877 by mizztb
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Hi all, I''m a newbie to all of this! My husband and I separated in February this year, he is a divorce and family lawyer (!) so knows everything, I know nothing and yes, I need to find a solicitor. Due to a number of reasons, my husband is in a huge amount of debt and is fighting against bankruptcy at the moment. Our house is up for sale in order that the debt can hopefully be paid from the equity in the property, but obviously when that happens is another issue. I know I won''t get anything but that''s fine I just need to move on. My problem is this, there was nobody else involved in the breakup but my husband is desperately pushing for a divorce, he has given me all the papers to sign and is harrassing me to get them done and sent asap. I am becoming increasingly suspicious as to his motives behind this, and somebody mentioned this morning about it changing the financial liabilities? We do have a couple of joint loans totalling £20k, he has £60k debt of his own. Does anyone know would this change anything for me being liable? I really don''t have a clue :unsure:

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09 Jun 12 #335891 by soobee
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hi hopefully someone will be along very soon and be able to advise you....if i was you i wouldnt sign anything at the moment..and get legal advice asap....hang in there as someone will be able to advise ...hugs

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09 Jun 12 #335896 by mizztb
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Thankyou so much for your supportit''s a very steep learning curve all of this; the hugs are very much appreciated :-)

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09 Jun 12 #335897 by Mitchum
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Hi Mizz,

See my PM.

More hugs!

  • LittleMrMike
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09 Jun 12 #335933 by LittleMrMike
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mizztb
Perhaps I can give you more than hugs, but you don''t tell me very much here.
Let''s look at these debts first of all.
You say you have joint debts and he he also has debts incurred on his own account.
The first thing you must remember is that (a) on the face of it, he is liable to the creditor for the £60K of debt on his own account and you are not ;
(b) The chances are that you will both be '' jointly and severally '' liable for joint debts. In plain English this means that the creditor could sue either of you, or both, for the whole debt.
Now it can sometimes happen that debts taken out in the name of one spouse can be re-allocated on divorce. The most likely situation where this could happen is where the debts were incurred for the common weal ; to give an example, if you had spent this sum on double glazing the windows in your house, both of you benefit from that and so perhaps it is not fair that the debt should fall entirely on one spouse or the other.
Another example could be where a husband is keeping his divorcing wife short of money and she is forced to run up a credit card bill to keep going. The husband might be '' rewarded '' for his stinginess by being ordered to pay part of the bill even though it was the wife who ran it up.
But as a general rule spouses are not liable for each other''s debts.
What worries me is the house. Whose name is it in ? If it''s in his name alone and he goes bankrupt, then the likely consequence is that the property will vest in the trustee in bankruptcy and it is possible that the trustee will see the house to realise money for the benefit of creditors. This, of course, could leave you without a home.
If it is in his sole name, you need to take action without delay and if you tell me this is the case I will explain what you must do and why.
Where there is the possibility of bankruptcy then it has definite implications which you need to know about. But I have this suspicion lurking in my mind that there are serious problems for a solicitor going bankrupt and it could well be that he will want to avoid it. I may have to look this one up ; I know there are certain professions where bankruptcy can have serious consequences ; in particular a serving MP loses his seat, which is why politicians work themselves up into a tiswas where this is a possibility.
But if you tell me whose name the house is in, I will be able to be more intelligent.
I think I will content myself with that for the moment.
LMM

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09 Jun 12 #335935 by LittleMrMike
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I think perhaps I should also have said that you need to consider whether you have any joint accounts or credit cards.

If you have let me know and I will suggest what you might do.

LMM

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10 Jun 12 #335956 by mizztb
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Hi LMM

Thankyou so much. I have replied as PM.

Thanks again.

Mizztb

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