• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Family Debt and divorce

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Family Debt and divorce

    Hi

    Quick question:

    Me and ex-wife (divorce under process) will probably soon start finanical proceedings. My wife definetly had (or have) more savings just before we split up.

    I have about £43K savings of which I owe roughly £18K to my family. If it wasn't for the divorce they would have let me keep this money. However my dad is worried weather this will go into marital division (£43K). I have no idea what her balance sheet is currently as she may have spent it since the split.

    The main dispute is the property and I am entitled to 50% based on contribution and it was a short marriage. If she had spent the money (or hidden it somehow) and I appear to have more money than her then it is likely she can be entitled to more share of the property.

    My dad has spoken to his auditor overseas and will be sending a letter to prove that he has given me the money back in 2006/7ish. When the money was given it was only a verbal agreement and he can only provide proof of the loan given to me retrospectively (i.e, a letter confirm that a bankers draft was given to me back in 2006/7ish endoresed by a professional auditor overseas)

    My financial proceedings is more likely either a mediation or solicitor led negotiation (I don't know yet) where I will probably have to disclose 12month statements.

    I have two options:

    1. Show my entire balance of £43K and send a letter from my father showing the debt that I owe him and advise their solicitor that only around £28K should be considered as my asset considering the family debt.
    2. Pay the debt off to my family now and show whatever is remaining which is around £28K and show the letter of proof of debt with a retrospective date. This will show up on statements that I have given them the money.

    I am not sure which one to do. Any advise please?

    Thank you
    Tags: None

  • #2
    Re: Family Debt and divorce

    Hi. Divorced is very messy. When I went through mine, it was very painful and full of resentment. I believe that the date when you got married is important. If the money was given or lent to you before marriage, it will mean that your wife made no contribution towards it. It would be money well spent to get a good lawyer. I would certainly pay off the debt to reduce your asset. I am sure that she has already done so on her part, spending, given away? showing very little asset. Hope that this help, I am not a lawyer. All the best

    Comment

    View our Terms and Conditions

    LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

    If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


    If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
    Working...
    X