A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020
Mon/Fri 9am-8pm       Sat/Sun 2pm-8pm
Call for FREE expert advice & service info

Divorce and loans

  • Sebs
  • Sebs's Avatar Topic Author
  • Fresh Boarder
  • Fresh Boarder
More
1 month 1 week ago #512565 by Sebs
Divorce and loans was created by Sebs
Hello

I would really appreciate advice regarding my case.

We got married in 2013 and now getting divorced.

He borrowed £150000 from his brother in 2002 to buy his flat with a formal/legally binding agreement that the loan would be secured against the property/properties going forward after the sale.

He sold his flat in 2015 for £290000, did not pay back the loan, put it down for the mortgage deposit for the house.

Now his brother wants his money back.
We are tenants in common.

Turns out he had other loans during our marriage adding upto £100000.

Am i liable for any of the loans above? I never knew about or signed for.
Thank you

Please Log in or Create an account to join the conversation.

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
1 month 1 week ago #512588 by hadenoughnow
Replied by hadenoughnow on topic Divorce and loans
It depends what the loans were for and who benefited.

As far as the loan from his brother goes, you have had the benefit of it so it would not be unreasonable for repayment to be a joint responsibility. On the other hand, depending on the terms of the agreement and the length of time it has been in place, it could be argued it is a soft loan that isn't really intended to be repaid.

It is hard to comment without knowing more details of the whole picture.

Hadenoughnow

Please Log in or Create an account to join the conversation.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11