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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.

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Marital debt & House equity.

  • misscherrypie
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12 Jun 12 #336270 by misscherrypie
Topic started by misscherrypie
I wonder if someone can help, my fiance and I are both fully divorced, however he and his wife have yet to agree on financials and she is dragging her feet.
The trouble is, that they have £50k of marital debt, which we pay all of at the moment - £600 a month, as she has no job, yet there is £70k equity in the marital home. She is refusing to sell, which is fine, but she also cannot buy him out, so we are stuck renting. Neither of us mind, but paying the debt is a huge burden, and with maintenance of £450 a month to her for the children as well, it''s crippling us. I have my 2 children with us full time and we also have theirs 3 nights a week. She does not work but has a degree. My DF earns a good wage and has a salary of £68,000, but the huge repayments are killing us. If this goes to court would the debt be paid before equity shared? Or would be end up as bad as we are now? We don''t want a share of anything, just for the debt to be cleared.

  • LittleMrMike
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13 Jun 12 #336387 by LittleMrMike
Reply from LittleMrMike
Hmmmm - difficult. I have a few questions for you.

The debts, you say, are joint and the probability is that the liability is joint and several, In plain English that means that both your fiance and his wife are jointly responsible, which in practice means that the creditor is going to sue the one with the money.

I would probably need to know what the debts were for.

Then there''s the former marital home. Is there a mortgage on it ? If so, who pays it ? If your fiance does, then she''s got no incentive at all to force the issue.

I might need to have a Big Think about this one, but please answer these questions for starters.

LMM

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