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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.


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.


Debt In My Name

  • toomuchtooyoung
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06 Feb 13 #378307 by toomuchtooyoung
Topic started by toomuchtooyoung
Hi,

I am going to be filing for a divorce and have been trying to sort things amicably but need to put number one first!

I have a 6,000 pound loan in my name which I got out IN MY NAME SOLEY (stupid I know) because my other half had a bad credit rating

I did transfer this money into his account so there would be some sort of audit trail... and he says to me he is happy to repay me.

However, when Mrs Right number two comes along I do not want to be left in the lurch and suddenly he will stop repaying memonthly.

I want to know if there is some sort of legal agreement I can put together so he has to repay me and if this can be dealt with in my divorce? Has anyone been in this situation. At the moment I feel like there is no hope and that the payments will stop in a month and I am lumped paying back this money for the next 3 years

  • LittleMrMike
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06 Feb 13 #378318 by LittleMrMike
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If the Court has the power to redistribute assets it can also re-allocate responsibility for debts, or take existing responsibilities into account when making its adjudication.

As far as the lender is concerned, you''re responsible, I''m afraid.

As a general rule if a debt is incurred for something which benefits both parties ( eg a new kitchen ) the responsibility is likely to be equal. But if it''s for something that benefits one spouse alone, it''s logical that the spouse who benefits should be responsible for the debt.

LMM

  • Rumplestiltsk1n
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21 Feb 13 #380689 by Rumplestiltsk1n
Reply from Rumplestiltsk1n
What about credit card debt that was spent on a TV that was kept by the ex, or food shopping, or other things that were spent on her and the children whilst we were still together? The credit cards were in my name only but of benefit to us as a couple and the whole family!!

  • somuch2know2
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21 Feb 13 #380691 by somuch2know2
Reply from somuch2know2
It SHOULD go in the marital pot of assets and liabilities, but who has the ability to pay will also be looked at.

My ex racked up all teh marital debt but I had to take it on post divorce as I have a bigger income. payment did NOT come out of the sale of the house.

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