Separated husband in serious debt - how does it affect me?

goggler

My husband and I have been separated for over 5 years, without getting a divorce.

I have recently discovered that he is in rather a large amount of debt, and struggling to sort it out. I on the other hand, whilst not entirely debt free, am in a much more secure financial position.

I am really worried about what will happen if he can no longer pay theses debts off, gets ccj's or goes bankrupt. I know that due to being married our financial records have been linked, but will I be liable for any of his debts? Would I be affected by a bankruptcy order?

I have worked hard to ensure the children and I are in as secure financial position possible, an fairly obviously, I don't want to lose this.

Also is there anything I can do to either help him out, or protect myself financially?

JCS1

Do you have any joint loans, bank accounts or a property together?

Barneysmom

Get a divorce, as soon as possible, it'll be easy.

alastairq

Barneysmom wrote: »

Get a divorce, as soon as possible, it'll be easy.

Divorce in itself doesn't separate any joint finances.

If the OP is working, then simply petitioning for divorce could prove an expensive option...[no Legal Aid?]


For the OP, if there were any joint accounts, credit cards, loans in both names, etc...then you could be pursued for the whole amount should your Ex default.


This is the problem with joint finances, and joint debts..the critical wording being 'jointly and severally liable'.........

However, any loans, CC's or other credit solely in your Ex's name do not affect you...you cannot be pursued for someone else's debt.


As JCS1 asks, was/is there any property obtained jointly, originally?

goggler

HI, Thanks for your responses Fingers crossed we should be o.k.

We no longer have any joint property, that was split when we sold the house when we separated.

We used to have a joint bank account, but I took my name off it about 5 years ago. All debt was either in one name or another rather than both, though not sure if he has paid his off or not.

I am working full time, and putting the divorce papers in tomorrow :j, he however has just been laid off again

He has also just told me that he is in the process of applying for an IVA as an attempt at getting things sorted.

Barneysmom

After being seperated for 5 years you won't need a solicitor for the divorce, you can just apply to the courts, which would be much cheaper for you.

Have a mooch through this
http://www.direct.gov.uk/en/Governmentcitizensandrights/Divorceseparationandrelationshipbreakdown/Endingamarriageorcivilpartnership/Gettingadivorce/DG_193735


If after the divorce you feel you want to give him a helping hand, then go for it