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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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Debt under Liabilities

  • Purrfect
  • Purrfect's Avatar Posted by
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  • Elite Member
04 Jul 15 #463651 by Purrfect
Topic started by Purrfect
A simple question and hopefully a straightforward answer.

Having received the draft Petition from my stbx''s solicitors. They are asking for full financial disclosure.

Now if I list all my debts I presume that comes under the umbrella of ''liabilities''? Does this go into the ''pot'' when it comes to financial settlement with the divorce?

My stbx says why should he be responsible for my debts and says it shouldn''t be counted? I disagree, my understanding is debts are included in the whole equation.

Any help or advice on this will be appreciated.

  • WYSPECIAL's Avatar
  • Moderator
  • Moderator
04 Jul 15 #463662 by WYSPECIAL
Reply from WYSPECIAL
Yes they have to go under liabilities.

it is a statement of your financial position, if you didn''t include your liabilities it wouldn''t give a full picture.

It doesn''t make your ex liable for your debts.

  • Purrfect
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04 Jul 15 #463666 by Purrfect
Reply from Purrfect
Thank you. I realise he is not ''liable'' but are the debts taken into account, i.e. as a ''debit'' (or minus figure) from the overall assets, i.e. equity in the FMH, pensions, etc.

Or if we sold the FMH do my debts count at all or do I still walk away with them in my pocket as such. Basically, the bottom line is that I am hoping to pay off my debts in the whole process of the divorce and financial matters!

  • Fiona
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04 Jul 15 #463667 by Fiona
Reply from Fiona
It''s a simple question but the answer isn''t straight forward without knowing details The value of assets (including pensions) held in joint and sole names minus any family liabilities forms the net value of the matrimonial "pot." So assets and debts need to be disclosed. The pot is then shared according to a checklist of factors in s25 Matrimonial Causes Act 1973.

Every case turns on the particular facts. For example, after a short childless relationship when the finances were kept separately each party may take away what they brought to the marriage, share the increase in the value of assets accrued during the relationship and keep their own debts, especially if the debts were run up during separation and not for the benefit of the family.

However the duration of the relationship is only one factor and the others have to be taken into account. Unless there are substantial assets the needs of the parties (in particular for housing) comes at the top or near the top of the checklist.

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