Can i consolidate the matriminal debts ?

We have around £20k of debt that was built up during out marriage. We are still discussing financial split and will be beginning mediation next month. I am struggling to pay all of the debts by myself and unfortunately they are all in my name. Could I release equity in the matrimonial house to consolidate these debts before the financial settlement is agreed. Will this effect the financial split ratio ?

I believe all debts as well as assets built up over the marriage are joint debts regardless of who has their name on it.

Keep a record of all payments made by you since separation and use this as a bargaining tool.

I doubt if you could raise any capital against the FMH as this would require his permission.

I would suggest you telephone whoever you owe money to and ask their advice. They may have a solution which could be payment holiday or interest only. Lenders would much prefer you to tell them the problem rather than go stum.

After all in life lenders like to know that you are not trying to get out of paying and its only a blip. Its those who go silent that they usually go for.

It doesn't matter whose name debts or assets are in. They're matrimonial assets and liabilities.

Until you get a court order that says otherwise you can do anything you like with them so long as your ex spouse agrees (although it may not necessarily be a good idea if you've started along the road to financial settlement).