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D*I*V*O*R*C*E finances debt tax credits HELP!

(6 Posts)
Iwanttobreakfree Wed 03-Sep-08 23:24:26

Message withdrawn

nauseous Wed 03-Sep-08 23:29:32

Sorry breakfree - no advice but BUMP & good luck.

Soapbox Wed 03-Sep-08 23:37:07

I think it depends on how long you have been married for, how the assets are split.

When I divorced after a 'short' marriage lasting 'only' 8 years (god that was way longer than enough) we were responsible for our own debts and assets were all shared. House sold and proceeds divided equally.

The biggest area of difficulty is the period you are in now, where there is no formal financial agreement in place. My Dh never paid any of his share of the mortgage payments and left me to pick up all the costs.

If you have children, of course, the way assets are split will be different. I would just wait until you get some proper advice from your solicitor as that will be based on your exact circumstances

Iwanttobreakfree Wed 03-Sep-08 23:41:01

Message withdrawn

HappyMummyOfOne Thu 04-Sep-08 07:35:39

I think, like Soapbox, the debts would stay with each of you.

If you can't afford to pay the mortgage in your own name you can sell and split the equity which would clear your debt anyway or most of it.

You still have earnings, whether your old job or a new one so cant see your change in job being relevant.

Leslaki Sat 06-Sep-08 11:25:06

Similar situation to me. Ex has left the house but still pays mortgage and his debts - I get all tax credits etc paid into MY account and I pay all bills, food etc and stuff the kids need. According to my solicior all debts in marriage are seen as joint/equal and ex is now trying to offload half of these onto me however my sol seems to think I should be ok. Cos of the debts and ex being difficult we are having to use solicitors but I would stop using a joint bank account NOW and get all tax credits etc paid into your own account and make sure your ex pays the mortgage - he has to keep a roof over his kids head. if he doesn't pay the mortgage then he has to pay maintenance - hopefully that will cover your min deb repayments. My solicitor told me not to allow ex to take any mortgage holidays as it only benefits him - sounds like the mortgage hol only benefits your ex too! You still pay interest on the missed payments so you are not reducing your mortgage - jsut making it worse.
You should get your ex to pay mnortgage - his children need a home. Then you use YOUR tax credits, wages and child benefits to run the house (I am presuming your ex is not living with you any more)and pay your debts as much as you can. I would close the joint account as my ex emptied ours and left it hideously overdrawn.
Good luck.
Know how you feel as going though it too.
L xx

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