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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.


Bankruptcy and house equity

  • futurehope50
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19 Nov 12 #367004 by futurehope50
Topic started by futurehope50
Hi

I am still married, separated 3 years. I am in the process of sorting out financials.
The family home is in joint names. My ex is threatening bankruptcy if I go to CSA (he doesnt pay maintenance).He says he cant afford it and has debts. My question is, I realise the equity in the home can be pulled at the moment, but if I stay in the home and he is still on the mortgage, can they still take the equity once we are divorced? Is there something they can put in place to stop this happening. I am not necessarily going to be able to sell.

Thanks

  • WYSPECIAL
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19 Nov 12 #367005 by WYSPECIAL
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CSA is based on income and is a priority debt not erased by bankruptcy.

  • futurehope50
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19 Nov 12 #367008 by futurehope50
Reply from futurehope50
Thanks.
But he is saying he will be forced into bankruptcy if he pays the CSA and I am more concerned about the security of the home and if there is anything I can do to secure my share of the equity

  • LittleMrMike
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20 Nov 12 #367023 by LittleMrMike
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If the family home is in joint names, your share is not affected by his bankuptcy.
However it is possible, and perhaps even probable, that the trustee will sell to realise his share and realistically there is little you can do to prevent it.
Where you are in the middle of financial proceedings, and there is a possibility of the other spouse going bankrupt, then the name of the game from your point of view is to get your financial order before the bankruptpcy takes effect, in which case the trustee takes subject to the order.
On the other hand if your husband goes bankrupt any subsequent financial order will be void.
LMM

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20 Nov 12 #367028 by futurehope50
Reply from futurehope50
Thankyou for your reply.
Yes the house is in joint names and we are in the process of heading to court to sort finances.
Regarding the financial order, what I have read is that it takes 6 to 12 months to sort, do you know if this is correct? I was hoping we would come to some agreement before then.

Many thanks again for your information.

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