A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Mon/Fri 9am-6pm       Sat/Sun 2pm-6pm
Call for FREE expert advice & service info


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.


NEW PARTNER WENT BANKRUPT

  • Action
  • Action's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
30 Mar 15 #458900 by Action
Topic started by Action
I''ve been with my ''new man'' for about 15 months now and we''re planning that he moves in with me in the autumn when his youngest child goes to University. Over two years ago, before we met, he was advised to go bankrupt. He is self-employed and had got into a bit of a mess, partly to do with the little that he walked away from the marriage with. He has had 50/50 parental responsibility for his 3 children since he and his wife split about 7 years ago and has been living in rented accommodation.

We were discussing opening a joint bank account for household bills (if the bank will allow it as he had difficulty opening his own personal account after bankruptcy). We were wondering whether me sharing an account with him and co-habiting will affect my own credit rating. I own my house outright and have never been in debt, always pay my credit card bills every month etc.

I also need to make sure that I am protecting my own assets and the future inheritance for my children. Is there anything in particular I need to be aware of or doing, apart from my Will being crystal clear.

We''re not considering marriage yet but it''s not completely out of the question for the future. I''m 58 and he is 54.

Any advice and guidance much appreciated.

  • rubytuesday
  • rubytuesday's Avatar
  • Moderator
  • Moderator
More
30 Mar 15 #458903 by rubytuesday
Reply from rubytuesday
If you have a joint account, then you will be "co-scored", meaning that his credit rating will affect yours. Just living together but with separate finances won''t affect your credit rating.

  • Action
  • Action's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
30 Mar 15 #458904 by Action
Reply from Action
Thanks Ruby. We''ll not bother with the joint account in that case. Would it be the same if I got him a card on my credit card account to pay for food etc.?

  • rubytuesday
  • rubytuesday's Avatar
  • Moderator
  • Moderator
More
30 Mar 15 #458905 by rubytuesday
Reply from rubytuesday
That might also prove problematic - I guess it depends on the credit company themselves - if he is bankrupt, then you may not be able to add him as a secondary card holder.

What about a pre-paid credit card as an alternative - typically these types of credit cards do not report to the credit agencies

  • Deedum
  • Deedum's Avatar
  • Platinum Member
  • Platinum Member
More
30 Mar 15 #458906 by Deedum
Reply from Deedum
Why are you looking to provide him with any kind of account or card. Surely he will have no rent to pay now as he will be living with you in your house and should therefore be more than willing to pay his share out of his own account.

  • Action
  • Action's Avatar Posted by
  • Platinum Member
  • Platinum Member
More
30 Mar 15 #458910 by Action
Reply from Action
It''s not that I am intending funding his living with me - we intend to share all household and utility bills and it would make it simpler with regard to food shopping etc. rather than my paying him half of everything he buys and him paying me etc. I guess we''ll just have to try and set a monthly budget for everything and him pay into my account and then have a cash float for odds and ends.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11