divorce proceedings

[fabtec]

my marriage is over my wife has left and our home is for sale by mutual agreement. Once sold there should be equity of approx �60,000 We intend to try to sort out the finances amicably but I have debts including loans in my own name of approx �20,000 would these be deductable from the �60,000 leaving �40,000 to divide equally. Is it better to sort finances out first before applying for a divorce?

[Didwot]

It is certainly better to agree matters yoiurselves rather than to battle it out. I assume you have no children, and so half each would be a good starting point. By that I mean half of everything, so if your debts go into the hat so should any of your wife's debts and any other assets, eg pensions, savings, valuables, flash cars etc.

[Mrs_Pegasus]

It depends what the �20k loan was used to buy. Many people (inc. myself) took a loan out which was used by both parties i.e. bought a car/assets which was used equally but when I split I was responsible for the loan in totality. My ex said it was in my name and I would have to prove how it was spent!

It isnt easy to get a loan in joint names, it wasnt when I was with ex and the bank even recommended it was in one name only. In hindsight I should have taken legal advice but at the time didnt think the relationship would end.

See if you can prove how the money was used before agreeing to pay the loan from your half of the equity.

[Gef]

I know that this might not apply to you but your wife might have a claim for part of your pension if you worked whilst she brought up a family. I am in this position but we have tried to do as much as possible ourselves. Eventually we will have to pay lawyers (we each have one) but will try to keep this to a minimum as their fees are expensive.

[lady_p_gold]

It is much better to sort out finances amicably because if you don't then the lawyers get an awful lot of it! And she could be entitled to some of your pension even if you didn't have children. Equally you would be entitled to some of her pension. The bottom line is, its all part of the marriage pot, plus the fact that you need to make sure that it is all done properly so there are no come backs later.