What happens to marital debts if we separate?

nearlyrich

When you split a marriage you split assets and liabities you need to agree what's fair in terms of splitting the debts as well as the house etc...a good family law solicitor will ensure you are not stiched up but you need to be clear about what you have and what you owe get it all down on paper and make sure you don't forget anything. Hoe you can work it out...

terryw

Any settlement of the joint assets decided either by the legal system or by agreement will not affect the creditor's right to claim from the person in whose name the debt is. The creditors will unfortunately chase the OP regardless of her protestations that some of the money borrowed or items bought were utilized for the benefit of the husband.

Debicj

From my own experience, the person whose name is on the loan agreement or whatever, is the person responsible and the person the company will pursue.

My ex transferred all our debt to himself, a month before he left. Very lucky for me because until that point everything was in my name. We only changed it to get a cheaper repayment rate and he just happened to sign the forms because he was the only one with an income as I was on maternity leave.

There was nothing he could do about it after we split.

I'd advise trying to stay together if possible. Maybe with less debt, you'll get on better.

Pee

I'd like to second both the suggestion about relationship counselling and the getting legal advice, on the grounds that it is different when you are married - although I agree with the advice about whose name the debt is in as being the only important issue if you are not married.

Also check out what benefits etc you would be entitled to and the CSA payment so you know what to expect.

RAS

jools

People are mixing up two things

1. Who is legally responsible for the accounts that are in your name? The answer is you are responsible for all accounts on your sole name and jointly and severally liable for any joint accounts sadly.

2. What happens to debt accrued during marriage? Debts of a marriage are shared as are assets. If you have a half way useful solicitor, you will insist that as part of the financial settlement he takes on a good portion of the debt. It may be difficult to enforce but given the income disparity, I would expect that he would have to take on a substantial share.

You do not indicate whether you rent or have a mortgage?

Please look at www.turn2us.org.uk for information about the benefit support you might get and remember that you would get 20% of his salary as Child Support.

It may well be worth trying to get a single session with a good divorce lawyer before you decide what to do.

pinkshoes

If you can prove that the money was spend on him, then when it comes to the financial bit of the divorce, you can try and get him to take a good chunk of the debt. This may require a good lawyer however...

(but if he has no money and a poor credit rating, then it's unlikely he'll be able to borrow a lump sum to give you you as his share, and you'll be relying on him paying off his share on a monthly basis, which might not happen, and would require MORE money to chase him with lawyers...)