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!
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.