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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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Treatment of IVA in consent order

  • SotonBabe
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06 Nov 13 #412680 by SotonBabe
Topic started by SotonBabe
I have a substational debt which is covered by an IVA (in my name only). It is due to finish in 2 or 3 years time depending on whether or not I can release some of my share in any equity in the marital home, which is in joint names.
Can someone please advise me how this debt should be covered in a Consent Order, as the simple forms I''ve seen so far only seem to cover assets and income.
Can someone also please advise me if my spouse is legally connected in any way to the IVA, even though it''s only in my name. I''m not intending to default on the IVA, but it might be a useful bargaining tool if my spouse thinks he''s jointly responsible for it until we divorce.

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12 Nov 13 #413279 by polar
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I always thought that marital assets and debts were joint if taken out in a marriage and living together. Debts etc taken out after the living together stopped were the responsibility of the individual.
They were in my case.
Polar

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12 Nov 13 #413282 by SotonBabe
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thank you for your reply Polar. I got into debt whilst still married but it was an internet romance scam and my husband, for obvious reasons, wanted nothing to do with the IVA, hence it''s just in my name. I just wanted to know if there was anything in law that said he was still partly responsible for it.....grabbing at straws I know, but I just want all my facts straight before I sort out the Consent Order.

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12 Nov 13 #413284 by CakesandFlowers
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I can''t imagine that your stbx would be held responsible for that type of debt.

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12 Nov 13 #413294 by polar
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Hmmm . Maybe a comparison. Husband gambles and couple loses house. Not her fault but ...
I think he would kick hard on this. Maybe better that you accept the fate that comes and pay off your IVA and once back on your feet reflect on lifes mistakes and rebuild.
In my case the mountain seemed far to high and far to steep for my life to ever recover.
But we never know what comes tomorrow .
One thing is fairly sure. We all survive because in the background there is something that makes us survive.
Polar

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13 Nov 13 #413448 by SotonBabe
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Please don''t get me wrong, I have no intention of shafting my stbx with any debt that I incurred. I fully accept that it''s mine to pay off and that''s what I''m doing. I was mearly trying to understand the legal position as I don''t know how it''s shown in any Consent Order, if at all.

I''ve certainly learnt an invaluable lesson and whilst separated, having to still live in the same house with my stbx for the last 4 years has been extremely tough, but my love for my daughter and making sure she had a stable home life until she left for University was what kept me going.

I''m now able to look forward and the divorce is the last thing to resolve before I can truely get on with my life with a new partner.

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