Simplified Procedure without financial settlement

Could someone explain to me my position with regard to assets if I attempted to use the simplified procedure for divorce without having a financial settlement in place ?

My youngest child will be 16 in the new year which is why I am considering this option.

I''ve been separated from my wife for over 3 years now.

The FMH is in Scotland were my wife and children reside. I have been living and working in England for the last year.

I am currently on a debt management plan for the unsecured debt of £32,000 which is restricting my ability to pay for a solicitor.

My wife has stated that she wants to remain in the FMH until all the children have completed their education and wants to remain in the house for the next 5 years.

I have talked with her regarding how this may be achieved. One way being transferring the house to her name whilst I retain my pension fund. I would remain liable for the outstanding unsecured debt.

Things have stalled as she states that she is unable to take on the mortgage with her salary. Whilst I am liable for the mortgage there is the possibility that if I suffer another period of unemployment then I may be declared bankrupt and the FMH will be at risk. I would prefer to find a solution to this as I worry about it a lot and find that this worry affects my health.

I have been treated for severe depression over the last ten years although the last three years I have managed the condition without medical intervention.

I have three children.
20 year old at College away from home, normally reside with wife in the FMH.
18 year old at college normally resides with wife in the FMH
15 year old at school normally resides with wife in the FMH.

My income is £38000 per annum from full time employment.

I do not know my wife''s income but estimate it at approximately £12000 per annum from full time employment

Assets
FMH with outstanding mortgage £120,000 in joint names valued at approximately £340,000
My personal pension plan approx £123,000

Liabilities
£32,000 unsecured debt from various credit cards and loans taken out before separation.

In Scotland the simplified procedure can only be used when there are no children under 16 and there are no outstanding financial issues - no one can normally make financial claims after they have divorced.

Okay, thanks. I think I must be getting confused with English law which appears to allow you to divorce and then reach a financial settlement later.

I thought that once my youngest child reached the age of 16 I could get divorced no matter what under Scottish law.