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, Family Solicitor
Category: UK Family Law
Satisfied Customers: 13460
Experience:  25 years experience of all aspects of family law
13262538
Type Your UK Family Law Question Here...
Clare is online now
A new question is answered every 9 seconds

My soon to be ex husband has just come around to talking

Customer Question

My soon to be ex husband has just come around to talking about our financial settlement.
To give background on this - he has spent the last 8 years not earning a penny and spending all his money on businesses that have failed.
This is one of the reasons I am divorcing him as I cannot trust him to provide for his family in the future as he seems obsessed with making these failing businesses work (to date none of them have made a penny in turnover). He/We has/have been living off savings and they are now rapidly diminishing.
We were due to discuss our financial settlement - the basis being that we split any assets we have (house/pension/investments) 50:50.
He has now worked out that he owes two of his businesses a large sum of money as he has drawn too much out of one and owes capital input to the other.
He claims that he can allocate this liability against the assets we have as they are marital assets and then we split what's left down the middle. In a nutshell I will be worse off.
The other thing is that the businesses he owes money to are both co-owned by his brothers.
is he correct? Can he do this?
Submitted: 1 year ago.
Category: UK Family Law
Expert:  MIAMILAW1127 replied 1 year ago.

Hello. Thank you for contacting me. My name is***** am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you. Please do not forget to rate my responses at the end.

Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Customer: replied 1 year ago.

OK - are you based in the UK? your handle suggests the US? I am in the UK

Expert:  MIAMILAW1127 replied 1 year ago.

In short, if your husband has accumulated the debt to the companies during the time of the marriage, this would count as marital debt which would be split between the two of you 50/50 (similar to say, credit card debt in the situation where he ran up a credit card under both of your names).

However, this is not an absolute rule. You may be able to prove that only he should be responsible for debt since it was personal debt he accumulated and not marital debt.

Expert:  MIAMILAW1127 replied 1 year ago.

You are correct. I can opt out so you can find a local expert if you'd like.

Customer: replied 1 year ago.

Thanks yes please - I'd prefer UK advice

Expert:  MIAMILAW1127 replied 1 year ago.

Ok. Best of luck!

Expert:  Clare replied 1 year ago.

Hi

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How long have you lived together and are there any children involved?

What capital assets are there and what capital did you each bring to the marriage?

Related UK Family Law Questions