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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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ex running up debts?

  • what a shock
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21 Jul 12 #344530 by what a shock
Topic started by what a shock
is there any way to prevent my ex taking on new debt during the period between separation and settlement?

  • LittleMrMike
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26 Jul 12 #345600 by LittleMrMike
Reply from LittleMrMike
For obvious reasons, if the parties are getting divorced, there are severely practical reasons for wanting to close a joint account down and agree how the balance standing to the credit of the account is to be divided ( or how the balance on an overdraft / credit card is to be allocated ).
There are risks for both parties that the other will drain the account or, worse still, run up an overdraft or go on a spending spree for which the other could be wholly or partly responsible.
If the parties cannot agree between themselves to close the account then it will be necessary to contact the bank or credit card provider. Some of them have procedures to deal with such requests and the answer may be to freeze the account or close it to future purchases. Some banks will require the signature of both parties to close an account.
In any event, freezing an account can have other practical implications. You won’t want your wages or other credits paid into a frozen account. You may need to make other arrangements for bills paid by direct debit or standing order. It’s important to make sure that neither of you is left without money.

LMM

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