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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.

Settle Debts?

  • HLR
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09 Aug 13 #403822 by HLR
Topic started by HLR
My husband and I have recently seperated although I personally have been considering divorce for some time, to the point where I attended a free advice session and booked an appointment, but cancelled it...
Anyway, here''s the question. Unfortunately I have a largish amount of unsecured debt, some of which occurred during the 6 year marriage, other debt is what I am still paying off from my previous marriage (xh secured all debt on house deviously then divorced me, sold house leaving him debt free and me in dire straits!). I am currently paying all this debt (over £600 p/m!)off myself quite happily, and contributing half to bills and home improvements etc whilst still living in the marital home, even early on in the partnership when I was earning just over half of his salary. However if I leave the marital home, it will be extremely difficult to manage to pay a mortgage and all of my debts off too. The marital home is purely in my stbx name as he bought the property 5 years before I met him.
I don''t want him to have to sell the house - in fact if I had little/no debt around my neck, I''d be happy to leave with my own personal possessions and some compensation for home items that I''d bought such as tumble dryer, TV etc. However, the fact remains that I have this debt - would I be able to get some sort of settlement that would go someway to paying this debt? The bulk of the debt is in both names although I am the one paying it.
I''d like to get a small & cheap 2 bedflat just for me and the cat - even if I could get a settlement that would cover part of the debt, it would give me more income to enable me to pay the smallish mortgage and essential bills. Where would I stand with a ''Clean Break'' order? I suspect that my stbx wouldn''t want to pay anything at all, partly to make my leaving harder as he doesn''t want to split, mainly for financial reasons!

  • butterfly crossing
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09 Aug 13 #403876 by butterfly crossing
Reply from butterfly crossing
This may be classed as a short marriage, and therefore the Judge may decided, that you can divorce and leave with what you entered the marriage with.

Have you been to citizens advice about your debt. They may be able to help you set up a debt repayment schedule, with the people you owe money to. They will work out what you need to live on out of your wages, and then write to creditors offering them the rest at a proportion relative to the size of your debt with them, sometimes as low as a £1 per month. Let them write to the companies though as if you write they tend to say ''no'' where if CAB write they tend to say ''yes''.

The other alternatives are an IVA or bankruptcy, I would advise anyone to stay clear of bankruptcy if at all possible!!

I am sure a wise wiki will be able to advise you further.

  • Fiona
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10 Aug 13 #403889 by Fiona
Reply from Fiona
It isn''t at all unusual in these cases for someone in your position to receive *something" towards a deposit to rehouse and to help readjusting.

Taking away what each party contributed to the marriage after short childless marriage is an oversimplification of the law. First of all there are other s25 Matrimonial Causes Act 1973 factors to take into account and the needs of one party may trump over the contributions of the other. Secondly, regardless of the duration of the marriage or when the the former matrimonial home was purchased or by whom it is a fundamental family asset to be shared. The starting point is equal sharing.

If you feel you want to post details of the value of any assets held in joint and sole names, debts, respective incomes and ages posters can give an opinion. Debts accrued during the relationship for the benefit of the of both parties will most certainly be factored in. However for more detailed advice, or if you don''t want to post personal financial details on a public forum, you would need to see a solicitor to find out where you stand and what options there are.

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