A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Do you need help sorting out a fair financial settlement?

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.


Joint & Several Liability

  • weimaraner1066
  • weimaraner1066's Avatar Posted by
  • New Member
  • New Member
More
29 Oct 12 #363579 by weimaraner1066
Topic started by weimaraner1066
Hi, I am in the process of divorcing my husband but instead of assets to split we only have debts. One is a business loan for our (now liquidated) limited company for which we were required to act as personal guarantors. The loan is in both names & is joint & several liability - my husband has agreed to take full responsibility for this debt, in return for me keeping others debts of a similar amount, but can I legally have it wholly assigned to him and if so how do I do this?
Thank you!

  • .Charles
  • .Charles's Avatar
  • Platinum Member
  • Platinum Member
More
29 Oct 12 #363581 by .Charles
Reply from .Charles
A court order cannot reach beyond he original guarantee agreement - you are both joint and severally liable for the business debt.

However, your husband can agree to provide an indemnity to you to repay the loan and you can do likewise for the debts that you agree to take on.

Charles

  • weimaraner1066
  • weimaraner1066's Avatar Posted by
  • New Member
  • New Member
More
05 Nov 12 #364744 by weimaraner1066
Reply from weimaraner1066
Thanks very much Charles. I thought that would probably be the case but was hoping there might be a way around it!

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11