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What’s mine is yours – including my debt

Judith Fitton offers valuable guidance for divorcing couples who are likely to be caught up in the sticky web of debt repayment

15 January 2015

A survey published at the end of last year by the family law organisation, Resolution, shows that nearly a third of separated couples were in debt to bank or credit card companies, as a direct result of their relationship breakdown. The survey also found that 16 per cent of those questioned needed to turn to a friend
or family member for financial assistance, and 26 per cent had to actually move in with that person to make ends meet. Separating couples with children were more likely to need help.

One of the major causes of debt is encountering unforeseen circumstances, and separation or divorce can obviously fall into that category. But it is fair to say that not all of the blame can be laid at the door of disintegrating relationships
as personal debt is also a major problem.

Figures from the Bank of England released in 2013 show that personal borrowing in the UK, including mortga...

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