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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 724
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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Ive taken a loan out to help my stepson pay off his debts.

Customer Question

Ive taken a loan out to help my stepson pay off his debts. If me and his mother get divorced can i claim this loan out of the settlement?
Submitted: 11 months ago.
Category: Law
Expert:  ukfamilysolicitor replied 11 months ago.
Hello
Welcome to Just Answer
I am a Solicitor and will try and assist you.
Please may I ask:
- Does your wife know about the loan?
- was it used solely for the purpose of paying off the step sons debts?
- what other matrimonial assets do you have together?
Kind Regards
Caroline
Customer: replied 11 months ago.
Yes she knows bout the loan. Yes it was solely for the debts. House together but it is in my name only on mortgage
Expert:  ukfamilysolicitor replied 11 months ago.
Hello
Thank you for clarifying that for me.
Basically if you were to divorce then either of you would be able to make a claim in respect of the matrimonial finances.
The matrimonial finances includes all the assets and liabilities of both of you. The assets are then divided - with a general rule of 50/50 but arguments can be made for a larger share based on the criteria set out in the Matrimonial Causes Act - a few examples being such as the earning capacity of both of you, future health needs ect
It is possible for one spouse to argue that a debt should not be included in the process as it is a sole debt and not a matrimonial debt. I think that this would be rather unfair if your wife was to use such an argument in the future, given that the loan was utilised to assist her son and that she was aware of the loan and agreed to it.
The loan should therefore be included as a matrimonial debt in any application for division of the matrimonial finances. You should therefore not 'claim back' this money - but for it to be included within the process of settlement as a matrimonial debt.
Please do not hesitate to ask if I can clarify anything for you.
Kind Regards
Caroline
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Customer: replied 11 months ago.
So if the loan was 15000 then we would pay 7500 out of the settlement each??
Expert:  ukfamilysolicitor replied 11 months ago.
Hello
The calculation isn't as easy as that I'm afraid!
But you have the general idea.
Basically the division in relation to the matrimonial finances normally starts at 50/50 but can depart from that dependant on need.
Say for example - you earn more than your wife - then she might argue that she needs a larger share of the matrimonial assets - say 60%.
From a very simplistic view - it would be the assets, then take away the debt - that would give the amount left to be divided.
You can agree who should get what on divorce and there are mediation services who can help so you don't need to go to court - but whatever is agreed - you should submit a consent order to the court at the time for its approval. A court will normally approve if it considers it fair. You could therefore agree that the loan be paid off in its entirety at this point.
Also be aware - that as the loan is in your sole name - then if you should separate and the loan is defaulted and has not been paid off - the creditor would only chase you - as you are the person named.
Does that clarify?
Kind Regards
Caroline
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