How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33538
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

During our marriage my wife built up 2 significant debts which

Resolved Question:

During our marriage my wife built up 2 significant debts which were resolved by an increase in the Mortgage in the first place and a loan tied to the mortgage in the second place. We are now getting divorced and I need to know whether these debts can be taken into account in the settlement of the house we both own. There are no children involved and we both have good incomes.
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What were the funds used for?
How much is the house worth and how much is outstanding on the mortgages
How much extra was added by these debts.
What other assets are there and how much do you each actually earn?
How long have you lived together?
Clare
Customer: replied 2 years ago.

House is worth £360,000 with a Mortgage of £271,000 outstanding and 17 years to run


Initial debt added £50,000 and the second added £60,000 being paid back with interest over 13 years with 10 years to run.


All household assets have been split fairly and there are no other assets.


We have been married for 14 years. I am 56 and my wife is 49. She has her own business

Customer: replied 2 years ago.

House is worth £360,000 with a Mortgage of £271,000 outstanding and 17 years to run


Initial debt added £50,000 and the second added £60,000 being paid back with interest over 13 years with 10 years to run.


All household assets have been split fairly and there are no other assets.


We have been married for 14 years. I am 56 and my wife is 49. She has her own business. The funds were used to settle debts that my wife ran up on credits cards and overdraught.

Expert:  Clare replied 2 years ago.
Hi
What were the monies she spent used for?
Clare
Customer: replied 2 years ago.

She spent money on goods for herself but I am unaware of the exact details. Our accounts were set up with joint account that paid for all the household bills and mortgage. My wife had her own accounts within which the debt occurred and which I did not have sight of.

Expert:  Clare replied 2 years ago.
Hi
Can you say with reasonable certainty that it was not family spending
Clare
Customer: replied 2 years ago.
Hi Clare yes I can. All family spending was done through the joint account.
Expert:  Clare replied 2 years ago.
Hi
Just before I answer - does the mortgage figure you have quoted include the extra monies or not?
Clare
Customer: replied 2 years ago.
Hi Clare the mortgage figure includes the first debt and the second debt is shown as an additional payment along side the actual mortgage payment but is some cured against the house. So if the house is sold the debt gets paid off. I simply want that debt set against my wife's half sphere of the pale. Hop that makes sense.
Expert:  Clare replied 2 years ago.
Hi
I am still a little unclear as to how much the equity actually is
Is the original part of the mortgage only £161,000 with the balance coming from the further loans?
Clare
Customer: replied 2 years ago.
Hi Clare sorry for the confusion. So we bought the house for £310,000 as a joint mortgage. I paid a £50,000 deposit from my retirement gratuity from the RAF. A few years later my wife declared to me she had run up debts of aprox £50,000 in credit card bills and I agreed to seek and addition to the mortgage to pay off these debts with the promise from my wife to pay this amount back over a number of years in addition to the regular mortgage payments. this never happened because she was building her own business and did not have the resources. She did continue to pay the normal mortgage payments throughout. A few years later she confessed to me that she had amassed another large debt and the Bank proposed a £60,000 loan with interest over 13 years secured by the house and payable through the mortgage but shown as a separate payment. So the mortgage statement shows a mortgage repayment and the debt repayment as two separate lines. I believe that if I sell the house the loan needs to be paid off. So now the house is worth £360,000 with a mortgage of £271000 outstanding but this does not include the £60000.loan. I hope that clarity's the situation and I do appreciate your perseverance.
Expert:  Clare replied 2 years ago.
Hi
So if the house is sold in fact the equity will be only £30,000 is that correct?
Clare
Customer: replied 2 years ago.

Correct Clare

Expert:  Clare replied 2 years ago.
Hi
Thank you
When deciding how the Matrimonial assets should be divided between you the court has to consider a number of factors
The fill list is on the website here
http://www.terry.co.uk/s25_matrimonial_causes_act.html
In your case where the assets are now very limited it is likely that the court will indeed take account of the large debts run up by your ex and paid for out of joint funds
However it is unlikely that the court will be happy to leave her with nothing - so a 90/10 split in your favour is likely to be the best that you can achieve
I hope that this is of assistance - please ask if you need further details
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33538
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and 2 other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice