# How to split finances after separation?



## Abbica (14 Apr 2010)

Our marraige has ended and we have got loans etc to sort out. Aswell as a mortgage, we have a credit Union & credit Card loan, which we pay into jointly, as in, we have a joint account, we have a standing order into this account every month which we pay equal amounts into, which everything is taken out of, loans etc. 

Excluding the mortgage and just worrying about the credit union/credit card loans, how do we pay these back. I was hoping to perhaps, borrow money off mum and pay half of these two loans off, so the other half will be left for him to pay off, he can pay them off whatever way he wants, I am out and have paid my dues. The expenditure on these two loans was jointly spent, i.e. wedding, house. Can you do this, can I pay off half of these loans in a lump sum and leave the other half for him to pay off?


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## mf1 (14 Apr 2010)

"Can you do this, can I pay off half of these loans in a lump sum and leave the other half for him to pay off? "

The whole point here is to end up with a clear credit history and no issues about having debts outstanding that you may end up being liable for in the future. So you want to resolve matters so that your liabilities are concluded and any outstanding liabilities are ex's. Ideally, he would discharge his entire liabilities at the same time as you and, by agreement,  the accounts would then be closed. If that is not a runner, you should ask the credit providers if, on payment of one half of the liabilities, they would, formally,  release you from your obligations and remove your name from the accounts. I think that that is, probably, a bit of a long shot.

mf


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## Shoeshopgirl (14 Apr 2010)

Just be really careful about how you handle this.  If you pay off your bit in this and he doesn't keep up his repayments, this will affect your credit rating if your name is associated with the loan.  When I seperated everything was in my name (bank loan / credit union loan - we never bought a house, thank god!).  I ended up paying off everything myself.  If you can at all sort it out with him rather than going down the route of getting it sorted by a solicitor, they can be very expensive... but if you have any problem getting it sorted out yourself, then defo get legal advice.


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## Abbica (14 Apr 2010)

Thanks for the advice, I have that fear so much, that he will default on the payments, if I leave him responsible. He is so unreliable. I just want clear of these loans, mum said she would loan me the money to do this as he gets the house and unfortunately, I have to go looking for a house myself, which means mortgage and not many loans, clean credit rating. I am at a loss. I suppose it will just have to be resolved via the judical proceedings, where we will concur who pays what and for how long. To top it all off, our joint account is with Halifax! I haven't a clue how to sort out the credit card payments etc. before it closes, at least our mortgage can stay there.


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