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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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consent order and bankruptcy

  • Starlett
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20 Apr 13 #390168 by Starlett
Topic started by Starlett
HI, I''m posting for a friend.

He is ready to apply for his Decree Absolute, but hasnt exchanged form E''s yet.

Current situation is the FMH was repossessed in october 2012. There are no assets from the marriage, only debts. No pensions either.

Both parties are contemplating bankruptcy, so my question is, what is the best way forward concerning a Consent Order?

Can they just get a Consent Order written stating that they will both apply for bankruptcy?

Any help would be appreciated.

Many thanks

  • LittleMrMike
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21 Apr 13 #390186 by LittleMrMike
Reply from LittleMrMike
You can apply for bankruptcy at any time and you don''t need a Consent Order to do that.

But frankly, if, as you suggest, there are no assets, just debts, then a Consent Order could have only two purposes ; one to apportion responsibility for the debts as between the parties ; and secondly, to dismiss all outstanding claims which one party may have against the other.

And also I should warn you that bankruptcy is not the only way to deal with multiple debt, and advice should always be sought just in case.

I think an appointment with a debt adviser at a CAB might be helpful.

LMM

  • Starlett
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21 Apr 13 #390277 by Starlett
Reply from Starlett
Thank you for the reply,


he has been seeking advice from a financial advisor at CAB and he has been advised that it is the best route to take, given his circumstances.

His main concern is if there is no Consent Order in place then she could make a claim at a later date should his circumstances change.

So am I right to assume that he could submit a Consent Order perhaps in a few years time?

Thanks again

  • butterfly crossing
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21 Apr 13 #390284 by butterfly crossing
Reply from butterfly crossing
Yes,if finances are not sorted and sealed by court, then one party could come back at a later date, and claim from the other.

Think it is about £750 per person to go bankrupt these days.

Believe me it is not an easy option, but you will be discharged usually after 1 year, although it will stay on your credit report for 6 years.

If you work they may decide that you earn over what they think you need to live on, and therefore you could find that you may be subject to an IPA or IPO, that will not end after your discharge from bankruptcy.

Just remember what is right for one person is not necessarily right for another.

Hope this helps.

  • LittleMrMike
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22 Apr 13 #390290 by LittleMrMike
Reply from LittleMrMike
Starlett, I was trying to tell you the same thing.

A Consent Order will at least protect you both from any claim which your ex might decide to bring in the future.

LMM

  • drew heath
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25 Apr 13 #390950 by drew heath
Reply from drew heath
I went bankrupt, the risk was disclosed during negotiations for the Consent Order. it was a necessity for me but it did effect my ex as she copped all 23k of debt.

unfortunately her greed was her downfall.

with regards to Consent Orders and indemnity, im told by the CAB, my solicitor my fed solicitors and a blog on her 2 years ago that she cannot enforce the consent orders indemnity as the risk was disclosed and she took the risk ... and ultimately lost. also its afull and final settlement and signed accordingly.

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