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Confussed about financial situation. (1 viewing) (1) Guests
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TOPIC: Confussed about financial situation.
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Confussed about financial situation. 3 Months, 2 Weeks ago
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Hi everybody,
Please could you look at my situation and advise on what would happen if i got divorced?
Married 3-4 year.
Pre Marriage, I had about 55,000 in the bank from sale of my house + previous savings.
Current situation is that I have about 40,000 debt (my name only) and no savings.
Wife's has about 20,000 additional savings since marriage, plus car and propert abroad that I paid for (her name)
My salary 55,000. Wife has no salary.
One teenage child from wifes previous marriage.
My question is, how would the courts resolve this, and would I need to pay any kind of maintainence ontop of my debt bills?
Thanks.
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Re:Confussed about financial situation. 3 Months, 2 Weeks ago
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The obvious first question is, could your wife work ? Any reason why not ?
Do you own your house or rent it ?
Does the father of your step child contribute to his maintenance ?
Mike
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Re:Confussed about financial situation. 3 Months, 2 Weeks ago
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hi. Thanks for taking the time to respond. My wife could work but chooses not to, but she would find it hard to make does meet in london off what she could earn. She would probably return home where she already has i house and get work there. Current flat is rented. Child's father pays no maintenance. Never has.
Thanks
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Re:Confussed about financial situation. 3 Months, 2 Weeks ago
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cwdivo wrote: Wife's has about 20,000 additional savings since marriage, plus car and propert abroad that I paid for (her name)
Is there matrimonial property here in UK? Where/how do you live? If she doesn't work; how has she saved £20k?
Usually in a short-term marriage; a court would return both parties to the financial status they had before; and split anything built up during the marriage.
If you've invested in overseas property (can't fathom why that's in her name?) and you've lost your savings providing it; then maybe her £20k savings ought to be coming your way????
Debt occuring during the marriage; is deemed joint debt. So if you've overspent taking care of a women who chooses not to work; then her £20k savings should be repaying that ?
I'm not sure on overseas property being considered 'Marital Property'?? But certainly if it came into the marriage; and funded by you - then you ought to seek claim to part of it?
If she survived without your support before 4-5 yrs ago; then Courts would probably view her capable of doing so in the future. It could award a short-term spousal support if she needed time to re-train.
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Gee Toto; I guess we're not in Kansas anymore!
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