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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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Not paying half her loan

  • rflangley
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01 Sep 12 #353226 by rflangley
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Me and my ex wife took out 10k loan before we got married to use for home improvements. Since then we have obviously divorced and gone our separate ways. Up until last august she was paying me half of the loan amount. This stopped when she went on maternity leave. Its now around that time for her to go back to work and i would like her to start paying me half again. Can anyone tell me my options?

On top of this her name is still on the mortgage which she is pressuring me to take off...again she has made no payment to this for the last 2 and half years. I want to take her off but financially i cant afford just yet and this is mainly down to the loan. I''d hazard a guess shes probably looking into moving house hence the insistence i try again to take her from the mortgage!

Any help would be grateful :)

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01 Sep 12 #353230 by Action
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Do you have any sort of financial settlement in place? It sounds as if you don''t so you really do need to sort out all the finances or this could drag on for years.

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01 Sep 12 #353231 by rflangley
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No we havent, we''ve just made the agreements between ourselves. Ive spoken to the loan company today, and they have told me if she wont pay her half to seek legal help. Ive tried to put it across to her that she isnt making it easier for me to take her off the mortgage by not paying her half....im hoping she will see this!

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01 Sep 12 #353233 by Action
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It''s very dangerous not to have a formal Consent Order as either one of you could change your mind about the agreement and go after the other for more money in the future. Indeed, you are already in dispute about the loan. You really do need to formalise your agreement to protect yourself in the future. If the debt is in joint names then the loan company will not care who pays it as long as it gets paid. Seeking legal help is likely to be expensive and it is all entwined with your other finances.

  • ascatfish
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01 Sep 12 #353241 by ascatfish
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Action is quite right - I used to work in the debt collection side at a bank, most specifically in loans. if it is in Joint names then you are called "joint and severally" responsble which means you are both repsonsible for 100% of the debt being paid . If you defaulted for example, even if she was paying you her half, the bank would pursue you BOTH for all the remaining debt.

As you stated the bank are highly unlikely to remove her name from the mortgage until you are in a position to pay it yourself. The outstanding mortgage with yourself will have to be taken into account with any future mortgage she tries to take out and this will probably hobble her enough to prevent her getting another mortgage, so it would be in both your interests to get this sorted out.

I would maybe suggest that you each take out a loan in your sole name for half of the loan debt each and pay it off that way - if that is mutually agreeable . It would in effect be the same as you have now but you are each solely responsible for your half of that debt and don''t have to worry about what the other is doing. This may also lessen your commitments so that you can take the mortgage on by yourself .

Hope that helps

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01 Sep 12 #353242 by ascatfish
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Action is quite right - I used to work in the debt collection side at a bank, most specifically in loans. if it is in Joint names then you are called "joint and severally" responsble which means you are both repsonsible for 100% of the debt being paid . If you defaulted for example, even if she was paying you her half, the bank would pursue you BOTH for all the remaining debt.

As you stated the bank are highly unlikely to remove her name from the mortgage until you are in a position to pay it yourself. The outstanding mortgage with yourself will have to be taken into account with any future mortgage she tries to take out and this will probably hobble her enough to prevent her getting another mortgage, so it would be in both your interests to get this sorted out.

I would maybe suggest that you each take out a loan in your sole name for half of the loan debt each and pay it off that way - if that is mutually agreeable . It would in effect be the same as you have now but you are each solely responsible for your half of that debt and don''t have to worry about what the other is doing. This may also lessen your commitments so that you can take the mortgage on by yourself .

Hope that helps

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