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What are we each entitled to in our divorce settlement?

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running up debt

  • everythinghappensforareas
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08 Jul 15 #463885 by everythinghappensforareas
Topic started by everythinghappensforareas
Hi,

My husband left in January and got himself a 0% credit card pretty much straight away with a credit limit of £10000. He has just told me that he has maxed this already. He has also borrowed other money. I know that he didn''t pay his council tax as I got a court summons as that was in joint names.

I am really concerned what effect this could have on me. I did all the finances when we were together so he isn''t organised with this and it worries me.
I also have a ltd company and I''m worried about whether his debt could effect my business.

Are we still financially linked until we get a divorce? Is there anything I can do to protect myself.

thanks in advance

  • LittleMrMike
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13 Jul 15 #464105 by LittleMrMike
Reply from LittleMrMike
I see you havem''t had a reply, but wiki isn''t really a debt forum.

My immediate thought is what would happen in the event of his becoming bankrupt.

If that happens all his assets, with some exceptions, vest in the trustee - therefore they would not be available to you.

On the other hand, if you get your financial order first, and becomes bankrupt later, my understanding is that the Court order will take priority.

For this reason alone, I suggest you might see a solicitor and get your divorce and application for financial order in as soon as possible. A solicitor may be able to suggest other courses of action, like freezing orders, but this isn''t really my scene, I used to be a housing specialist.

LMM

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