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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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Advice Needed

  • hervinder
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06 Nov 13 #412691 by hervinder
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Me and my ex wife separated around 18 months ago, since then I have been fighting a painful battle trying to get contact with my children. Sadly this battle is ongoing :(

In order to pay for this I borrowed a lot of money to fund legal costs

I currently have debts of around £60,000 which are spread across many credits cards and two bank loans. I''m struggling to make the minimum payments on the credit card balances as the interest is now adding up

I have a property which has around £300,000 equity which is jointly owned with my ex wife and she currently resides at this property with the children, there have been no financial orders made since separation.

Financial proceedings have started and the FDR has been listed for Feb 2014, we’ve exchanged form E’s and questionaires, I’ve made her aware twice that there is a serious risk of me being made bankrupt as I cannot keep up repayments but she has ignored this and hasn’t responded. I have also informed her that if this happens I may lose my job because as I work in finance and cannot be a bankrupt, if I lose my job her CSA payments will go down to £5 per week.

If I declare myself bankrupt I want to know what happens to the property.

If the property is seized and subsequently sold will the proceeds be split 50/50 with my ex wife? Assuming this is the case, my share would be around £150,000 which would be used to repay my debts. There would be a significant amount of money left over after the debts are repaid, would I lose this amount?

  • Caligula
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06 Nov 13 #412702 by Caligula
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Your ex will have an interest in the house asset and the debt liability would I imagine be yours which could be obtained from your share of the assets following Ancillary Relief.

Not sure why you suggest any money left may be taken? Why would it if the debts are paid?

Regards

Phil

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06 Nov 13 #412704 by hervinder
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i''m told the property would be seized and sold, the proceeds would be used to pay my ourstanding debts. As the proceeds will be higher than the debts I wasn''t sure what would happen to the money left over.

I keep getting told that when one is made bankrupt there are receivers fees that need to be paid and these can amount to a lot of money.

being made bankrupt would be my worst nightmare, but it looks like I have no option.

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