The debts were during married life - the property in spain was purchased about 10 years ago (an is subject to being repossed - albeit the process has not started as yet - spain is slow as they do not want the debts shown on their balance sheets in terms of economic figures) The credit cards debts occured through holidays, living expenses and helping support a business that myself and my wife had - so a combination. We were living together for 22 years as a married couple.
Let me know if you need any more. Regards andy
Hi Clare - the spanish property mortgage is 50,000 and the property is probably worth less than that so at best there is no equity and at worst in negative - the mortgage has not been paid for around 18 months so is likely in negative with the payments that have been missed - also there is a debt of around 2000 for community fees. regards Andy
We are both finishing off our degrees this year so most of our income is grants and loans - i do work for myself - incomes as follows.
My wife lives with someone and has done since about 4 weeks after splitting up - her income is about 10,000 a year and her partner about the same.
I live on my home and my income is roughly 10,000 a year.
Not that i am aware of - the banks have been informed who is now paying the mortgage for each of the properties and they appear to have accepted this for the moment - but it cannot be remortaged into separate names...so i suppose the short answer is no i will not be released officially. The aim would be to have a seperation agreement once we agree the split of assets and then contact the banks officially with this. Regards Andy
Her partner was bankcrupt i believe and we were on a debt management plan for the last 4 /5 years so credit history/score makes this highly unlikely. regards andy
From which mortgage. ? Would that be for properties 2 and 3. If so then probably not...as this would require a remortgage I believe and again my credit history is poor. The Spanish mortgage is just in my name. As far as I am aware from the enquiries I have made...the banks would require a remortgage to remove a name and given the credit history this is a non starter. The advice I was given was then to sort out a separation agreement and inform the banks of this...and then use this agreement towards the divorce when that happens. But we need to agree verbally obviously beforehand as a starting point. I understand that the financial situation with regards ***** ***** makes it complicated...I need to know if in principal my main question at the start is correct or if not what would be the probable outcome if this was to go to court. The only possible other complication is I am due to get a 15 year police pension in 10 years time when I am 55. Regards andy
Yes we were together for those 15 years - my ex does not have a pension. Regards Andy
Hi Clare hopefully this will clarify.
The credit card debts in my ex's name £15,000
The credit card debts in my name £45,000
I see what you say about the spanish property - there is a mortgage on it in my name of £50,000 - this mortgage has not been paid for about 2 years so at the time of the split there would be a deficit of about 10,000 because of mortgage payments owed and also the community fees. (realistically to sell in the market at the time would require selling at less than the 50,000) - sorry for the waffle - in short the debts therefore after ofsetting its value at the time would be about 10,000.
making my debts roughly £55.000 in total.
I'm not sure exactly what you mean - but i think you mean what potentially could we earn after finishing our degree - if so thats difficult to answer - we were both intending to become teachers so i suppose £20,000 to £30,000 each?
2005 to date -self employed - approx earnings 8 - 10,000
1994 to 2005 - ploice officer - £35,000 upon leaving
1989 to 1994 - Air Force - £11,000
For my ex
apart from early in the marriage - when she earned approx 11,000 a year she has mainly worked part time earning a couple of hundren pounds a month. She was part of the business 2005 to date so the earnings of 8 - 10,000 was split on th tax return.
Hi Clare many thanks for your reply - it helps confirm most of my thoughts and makes me feel more confident in moving this issue foward. Thanks for your time and i will rate highly accordingly. Andy