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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask JeremyT1020 Your Own Question
JeremyT1020
JeremyT1020,
Category: Family Law
Satisfied Customers: 961
Experience:  Expert
110498620
Type Your Family Law Question Here...
JeremyT1020 is online now

Are debts / money owing classed as an asset in divorce

This answer was rated:

Are debts / money owing classed as an asset in divorce proceedings. FAO Jeremy T1020
Good evening and thank you for your question. Are you actually involved in financial remedy proceedings? What sort of debts are we talking about? Thanks, J
Customer: replied 15 days ago.
Hello Jeremy
Not involved in financial remedy as of yet but maybe at some stage soon.
1. I bought my house with money from my parents. They have also lent me money over the years to clear and help with my mortgage sooner.
2. My mother in law has also borrowed money from me.
3. While I have been separated from my partner, I have helped my son at Uni with payments for course/accommodation and expenses.
1. This would be considered a 'soft loan' unless there was a written agreement. In the case of a 'soft' loan, the court accepts that they might have to be repaid but they are not prioritised.2. The problem here is that your mother-in-law is not part of the proceedings/financial negotiations. In those cases you could not attribute the debt to your spouse. You would have to pursue a separate civil action against her if she is refusing to repay the monies.3. These are costs that you could use some moral blackmail to 'add back' as part of any settlement.In fairness, a court would take the view that a parent helps their child financially out of necessity (and love). The other parent cannot be forced to help but there could be an add back if the court had good evidence that the other parent had offered to help and subsequently reneged on that agreement which had left you much poorer as a result.
Customer: replied 15 days ago.
Some great points above. 3 slightly different areas where (asset) money has been spent or lost.
1. In the couple of months before my partner separated, I spent alot (Thousands) of money on my partner because she said she would stay but then she left anyway.
2. Lost my promoted position at work after the separation because they thought I would not be able to manage it.
3. Unable to complete a different employer paid work commitment I used to do prior to the separation because of the increased responsibilities at home.
Would appreciate your thoughts advice on the above.
Good morning. My apologies for the delay in responding.1. Arguably, these monies would be seen as your debts unless they were bought on a joint card or from a joint account. Depending on what you bought, I suspect your ex would simply argue that these were "gifts."2. This is deeply unfortunate and I'm sorry to hear about the knock on effect of the separation. I'm afraid that these things happen quite often. This may be more of an employment law question about whether or not your employers have provided additional training or made adequate and reasonable provision for you given your circumstances.If, from a family law perspective, it has affected your income and you are struggling to meet your outgoings, it's possible you could claim spousal maintenance if your spouse has surplus income after meeting her reasonable needs. It does happen - husbands do make spousal maintenance claims against their wives occasionally.3. This ties into the above. I'm not a specialist employment law solicitor. You should be upfront with your employer and, ideally, they should be prepared to make reasonable adjustments to assist you whilst you are going through this rough patch. This is something you may want to consider getting specialist employment law advice on unless you believe there's a specific family law/divorce angle you'd like me to address?

Good evening.  I note I haven't heard anything further from you for a couple of days so I trust you're happy with my answers to your questions.  If you have any future questions, please start a separate thread and mark it FAO JeremyT1020 as I'd be delighted to help.  In the meantime, thank you for using Just Answer.  Best wishes, J

JeremyT1020 and other Family Law Specialists are ready to help you