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Divorce and bankruptcy

ch72
Posts: 3 Newbie

I’m currently going through a divorce but have yet to finalise the finances. We don’t have much - only the house to sort out and two debt - a credit card and a car loan.
Over the years my husband has spent my savings and made me take out loans secured against my house . When looking at everything he’s “taken” against the equity in the house there not much left for him. I know he is expecting a lot more because he has contributed to the mortgage.
the house has always been in my name but I know legally he is entitled to proceeds.
however a few years ago he made himself bankrupt without involving me and he is still in that period where he is unable to take out credit. Does this affect his rights to proceeds from the house? And how do I also sort out the two debts that amount to nearly 30,000.
Additionally he has a small online business and a lock up with around £30,000 worth of stock in it ( by his own admission). Most of it has been bought with our money although he says half of the stock belongs to his business partner.
im a single mum on UC who wants to get back to work and be financially independent but is unable to due to lack of childcare options and finances.
Over the years my husband has spent my savings and made me take out loans secured against my house . When looking at everything he’s “taken” against the equity in the house there not much left for him. I know he is expecting a lot more because he has contributed to the mortgage.
the house has always been in my name but I know legally he is entitled to proceeds.
however a few years ago he made himself bankrupt without involving me and he is still in that period where he is unable to take out credit. Does this affect his rights to proceeds from the house? And how do I also sort out the two debts that amount to nearly 30,000.
Additionally he has a small online business and a lock up with around £30,000 worth of stock in it ( by his own admission). Most of it has been bought with our money although he says half of the stock belongs to his business partner.
im a single mum on UC who wants to get back to work and be financially independent but is unable to due to lack of childcare options and finances.
0
Comments
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How much equity is in the house?
If you can prove your joint money helped buy the stock then it is an asset.
How long have you been married? Are the kids his?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
The short answer is add up all the assets and debts and split it 50/50 as your starting position.
What's the status of the business - is it a sole trader a partnership or limited company? How was the money transferred into the business?
At first pass if your husband has 50% of the business and the business has £30k in stock then that's a £15k asset your husband owns. But there may be other debts or liabilities as part of the business so you'd need to look at the total value of the business overall then you would look at getting 50% of whatever his share is worth.
If there's no formal paperwork to show ownership of the business and you can show that it was your money that bought the inventory the you might be able to make a case that all of it belongs in your marital pot.
Who owns the car that the car loan is on? That is another marital asset to be split.0
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