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Assets and debts in separation

  • 16-08-2020 7:04pm
    #1
    aine kilbride
    Registered Users Posts: 56 ✭✭


    Family home value e400,000 Separation so

    Spouse A (Husband and sole earner) e200,000
    Spouse B (Wife and homemaker) e200,000

    But what if Spouse A has e300,000 debt? Does he get the e200,000, Pays debt off but now owe e100,000. Spouse B gets e200,000 and keeps it.

    Assests are shared but debt is not. Is that correct?

    Or should it be. Value of house e400,000. Debt e300,000. Split assets
    Spouse A e50,000
    Spouse B e50,000

    I appreciate feedback. Such dark and terrible time I am facing. I need strength.


Comments

  • #2
    JimmyMW
    Registered Users, Registered Users 2 Posts: 695 ✭✭✭JimmyMW


    aine kilbride wrote: »
    Family home value e400,000 Separation so

    Spouse A (Husband and sole earner) e200,000
    Spouse B (Wife and homemaker) e200,000

    But what if Spouse A has e300,000 debt? Does he get the e200,000, Pays debt off but now owe e100,000. Spouse B gets e200,000 and keeps it.

    Assests are shared but debt is not. Is that correct?

    Or should it be. Value of house e400,000. Debt e300,000. Split assets
    Spouse A e50,000
    Spouse B e50,000

    I appreciate feedback. Such dark and terrible time I am facing. I need strength.

    Is the Debt on the house?


  • #3
    newman10
    Registered Users, Registered Users 2 Posts: 975 ✭✭✭newman10


    JimmyMW wrote: »
    Is the Debt on the house?

    This is an interesting Case, based on a husbands business debt, you would need a good solicitor for information

    https://www.lawsociety.ie/News/News/Stories/Return-to-innocence-the-innocent-co-owner-in-mortgage-litigation/


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