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Whats classed as marital debt? (2 Posts)
Started By:
08 May, 2017 08:17AM
Whats classed as marital debt?
undlou - 08 May, 2017 08:17AM
My husband and I are currently trying to agree whats classed as marital debt. We all agree the credit cards and loans are, but car finances hasn't yet been mentioned.

Before we were married we bought two cars, one in his name and the other in mine but they were OUR cars. we got married 8 months after the purchases. When we separated he took the car in his name and I took the car in mine. He later sold his car and got £3k from the equity. My car at the time of separation had £13k left to pay but was only worth around £7k. Now the car has £7k left on the finance and is worth around £4k. Would my car finance be classed as marital debt or would it be up to me to pay it off?

also, when working out marital debt, is it the total amount of debt we had just before separation or only the joint debt remaining now? So say like my credit card was £10k just before separation but its now £5k, would the marital debt be £10k or only the £5k that's outstanding?

I hope I am making some sense.

Thanks smiling smiley
Re: Whats classed as marital debt?
davidterry - 08 May, 2017 02:28PM
1. If you are keeping the car then you would normally be expected to take the debt that goes with the car.

2. The relevant figure is what the debt is now which in your example is £5K.
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