Debt

[Whoaminow1]

Need some quick advice, going through a divorce, husband ran off with another woman. During financial disclosure he is stating that a big big debt , money he borrowed from his family to put into his buissness, is a joint debt. I had no knowledge of this loan and the family have said it was Definately a loan to keep his company going. He is now going to try and decrease this amount on our joint assets. It's crap enough being betrayed! what is considered a joint debt and a personal debt?

no advice i'm afraid, but i'm sorry you are facing this and i would suggest you post in legal and someone there will be able to advise you more.

When the assets of a marriage are divided on divorce the court will take account of debts, and that will include the family debt (although family debts are treated as "soft debts", i.e. not immediately repayable and no one's going to sue you if you default).

The court will also take account of the capital tied up in the business, including any goodwill (but whether there is any goodwill value will depend on the nature of the business - if it's a shop it may have g/w value, if he's a s/e plumber then probably not).