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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.

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.

Bankruptcy, IVA, secured loans, debts etc

  • LittleSeaHorse
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25 Sep 17 #496461 by LittleSeaHorse
Topic started by LittleSeaHorse
I am already divorced and now trying to sort out the financial settlement with my ex husband.

It is a bit complicated.

We both have instructed solicitors and the next case review will take place in October.

My ex has always been terrible with money. His home got repossessed in his first marriage, he eventually divorced and was still repaying debts from that marriage when I met him. Maybe I should have asked his first wife for a reference, but I had to learn my own lessons.
During the course of the marriage he racked up credit card debts (online gambling was one, I never really managed to get to the bottom of what else he wasted money on but there must have been other things) to the tune of around £100,000 and ended up bankrupting himself. He carefully hid credit card statements and also used my credit cards and transferred debts from his cards to mine (balance transfers) without my knowledge. Hiding statements from me. It all came out during the bankruptcy proceedings, but the debts he racked up in my name and transferred to my name were excluded from the bankruptcy. They remain in my name and I am currently repaying them. I had to buy out the official receiver to safeguard the house at the time and have got the relevant deed of assignment.
I thought that would mean I owned 100% of the beneficial interest in the property, but my solicitor made a land registry search and noticed My EX name was still on the title deeds. It turned out I would have needed a TR document at the time to transfer the deeds to my sole name, but I had no idea, I thought buying out the OR and obtaining a Deed of Assignment was all that was needed and it would be done automatically when I got the deed of assignment.
So although I own 100% of the beneficial interest he is still on the title deeds (and the mortgage, as I can't remortgage on my own.)
There is also a secured loan with arrears, I am currently repaying everything on my own with no contribution from him ever since he moved out around five years ago.
He is currently living with his new partner and her children in an expensive house and is trying to convince our children (one is 16 and the other 14) to come and live with him and his new partner as the house is big enough. (Predominantly so he doesn't have to pay child maintenance anymore, but that is another story.)
My solicitor is asking for the following as part of the financial settlement:
1) he makes monthly contributions towards the secured loan as this was not used to purchase the house but to consolidate some previous debts he had and a car loan he had. So he had a direct benefit of the money during the marriage and I shouldn't be left to repay it on my own
2) 50/50 pension share ( he has about £167000 in his pension pot compared to £62000 in my pot, I worked part time whilst the children were young)
3) the house gets officially signed over to me

We both work full time now, he has absolved himself from all marital debts and has basically started fresh with his new partner , but managed to rack up new debts and is currently in an IVA for those.

On his form E he has made some false statements in order to make himself look 'poorer'. he is claiming he is paying £800 per month towards the mortgage but there is no evidence for that in his bank statements, but it is evident he is receiving an additional income every month from his new partner. She is paying him several hundred pounds every month (not sure for what these payments are for), but it is something he is receiving.
The house they are living in is in his partner's sole name and she has a mortgage for £152000 on the property. Again in her sole name. However , they claim her annual income is only 30K, but nobody on 30K would be able to secure a mortgage in their sole name for £152000, so she must earn considerably more than that.

I fear that this will have to be settled in court eventually but my solicitor advised me the costs for this could run into the 10s of thousands, so I may have to consider tackling this as a LIP should it come to this.

Would this forum or user groups associated with this forum be able to assist with the relevant paperwork at all and give advise on taking such a (potentially complicated) matter to court as a LIP ?

  • jonathancj
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26 Sep 17 #496474 by jonathancj
Reply from jonathancj
Go for the pension. Nothing else is worth it. If you get a maintenance order he won't pay it and it'll be almost impossible to enforce. He's in another IVA after all! If you limit your application effectively to that, the issues become much more simple and therefore cheaper. I believe Wikivorce has an inexpensive service helping people with the paperwork. Have a look at the services page.

  • LittleSeaHorse
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26 Sep 17 #496479 by LittleSeaHorse
Reply from LittleSeaHorse
You are most likely correct, but I still need to have the house signed over to me, so that will have to be sorted as well.

If I only get a pension share and leave the house in both names then I will effectively be paying it off for him over the next 11 years (over £1200 per month for both mortgages and the arrears, not even thinking about interest rates hikes) and he could go bankrupt again at some point and his creditors will try and get 'his share' of the house once again and I will have to buy him out again.

He must come off the deeds, so that is something I cannot just leave and it grinds me that I am paying off his debts whilst he is completely discharged again. We are not talking a few hundred or thousand pound here, we are talking tens of thousands of pounds which I will be left to repay myself although most of it are his debts which he generated.

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