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What are we each entitled to in our divorce settlement?

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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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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Litigation Loans

  • unfortunateDad
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06 Jul 15 #463777 by unfortunateDad
Topic started by unfortunateDad
Hi,

I''m keen to get some financing for my litigation that the court will recognise and take into account before splitting up the pot.

I was looking at using Novatis for a loan but their rates are higher than I''d like. So what about other types of loans like personal loans from the bank for this sole purpose, or a soft loan from a relative would they recognise that as a litigation loan??

Thanks,

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07 Jul 15 #463823 by unfortunateDad
Reply from unfortunateDad
bump...

  • .Charles
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07 Jul 15 #463848 by .Charles
Reply from .Charles
Soft loans are a grey area. You risk the court considering that the loan is not expected to be repaid particularly if you call it a "soft loan".

If you can get a personal loan at favourable rates that would be better than a proper litigation loan which usually secured against any settlement that you might achieve from proceedings. However, litigation loans are based on repayment so if it looks as though you will end up with a deferred charge on a property or the assets are limited and you might end up with little or nothing, you won''t be offered the loan facility.

As with all of these things you need to weigh up whether you can afford to repay the loan or not.

Charles

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