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History: Home UK Divorce Forum
Topic:
New partners finances (7 Posts)
Started By:
Date:
07 March, 2017 09:20PM
New partners finances
oldenoughtoknowbetter - 07 March, 2017 09:20PM
Hi
I'm strapped financially as still supporting wife and marital home. I could move in with my partner until marital home is sold and I can afford to buy somewhere of my own but looking at form E I am concerned her financial situation could influence the decision of how assets will be split. I don't want to be dependent on her but need to survive this time financially. Can anyone advise what the implications are? Could her income be taken into consideration in final settlement. I haven't issued a petition yet as want to be sure of my position. Thanks D
Re: New partners finances
Andyk - 08 March, 2017 05:01AM
Whilst her financial situation is nothing to do with your divorce, If you move in with her it will be assumed that you are sharing bills and also that you have somewhere to live which could impact on what you end up with.

It is never a good idea to enter into a relationship and move in with someone u til the finances are fully sorted.
Re: New partners finances
oldenoughtoknowbetter - 08 March, 2017 08:10AM
Thanks Andy.
At the moment there is no way i could afford to do that because of what I am contributing to family finances. I am currently paying for family home,and rent -- there is no way Ii could afford to pay anymore than what I am currently which is nowhere near 50% of her expenses. I would only be able to contribute a token rent - this is not intended to be a long term arrangment just a short term solution- would judge not buy that when considering divorce settlement? Would judge accept it as formal tenancy agreement? I need to come away with a deposit to buy my own home which is my plan once the house is sold. D
Re: New partners finances
Andyk - 08 March, 2017 11:53AM
I don't think a tenancy agreement would wash if you are in a relationship with her, everyone would see that and assume that you are trying to pull a fast one. Move in with her if that's what you want/need to do, but don't be surprised if when you come to sort out the finances your wife ends up with more than half because it will be taken that you are sharing living expenses.

Why are you supporting the wife in the marital home? You don't mention children, generally the person that stays in the home pays the bills - and your half of the mortgage in lieu of renting your half from you.
Re: New partners finances
oldenoughtoknowbetter - 08 March, 2017 05:41PM
It sounds as though I need to reduce my payment. This will inevitably result in my wife accruing significant debts as she will not have sufficient income to cover the household bills.Is the advice that I pay 50% mortgage and nothing else? Are there implications for me to her accruing debts? What if we default on her half of the mortgage?
There are no children under the age of 18.
I was trying to be fair and reasonable, but it seems as though it's not helping my case or situation. D
Re: New partners finances
kefell - 09 March, 2017 08:01AM
If it is a joint mortgage (in both names) you cannot just default on one half of the mortgage.

The mortgage, and any other joint finances (loans and overdrafts on joint bank accounts) are classed as being owed by both of you and if one defaults the creditor will chase the other one up.

While you are not liable for her own personal debts, any defaults on these will affect the credit rating of both people involved, if you do have any joint finances, and make it near enough impossible to obtain a mortgage again until your credit rating improves once the problem has been sorted out.

If you do have any joint finances there will be an association link between the two of you on both of your credit files and if she accrues debt this will affect your credit rating too unless you can show the credit rating companies that you have no financial links with her, ie separate bank accounts (no joint ones), no joint loans, no joint mortgages.



Edited 1 time(s). Last edit at 09/03/2017 08:02AM by kefell.
Re: New partners finances
puma931 - 09 March, 2017 09:36AM
Try and sort the mortgage out now. If the house needs to be sold (and your ex agrees to this) then get it on the market now.
If she doesn't want to sell then you need to get a resolution to finances asap. I paid the mortgage (100%) for almost 3 years and last October I stopped, as I could no longer afford it, and now the bank are awaiting for the final hearing in April, but there are arrears now and credit ratings are trashed!

Another alternative is to talk to the bank and try to get an agreement to just pay interest only. I paid the full repayments and wish I contacted the bank on day one and paid interest only which was so much lower and affordable.

What ever you do, do not move in with your new partner!

kefell Wrote:
-------------------------------------------------------
> If it is a joint mortgage (in both names) you
> cannot just default on one half of the mortgage.
>
> The mortgage, and any other joint finances (loans
> and overdrafts on joint bank accounts) are classed
> as being owed by both of you and if one defaults
> the creditor will chase the other one up.
>
> While you are not liable for her own personal
> debts, any defaults on these will affect the
> credit rating of both people involved, if you do
> have any joint finances, and make it near enough
> impossible to obtain a mortgage again until your
> credit rating improves once the problem has been
> sorted out.
>
> If you do have any joint finances there will be an
> association link between the two of you on both of
> your credit files and if she accrues debt this
> will affect your credit rating too unless you can
> show the credit rating companies that you have no
> financial links with her, ie separate bank
> accounts (no joint ones), no joint loans, no joint
> mortgages.
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