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| JayL |
Posted - 25 August 2010 : 22:31:22
I am considering bankruptcy,i have been married for 6 years but live in my wifes house,the mortgage is in her name only and so is the land registry,if i was made bankrupt would the house be at risk as i have contributed to all the running costs throughout the last 6 years,would i been seen to have a stake in the property through some kind of marital law or would it ultimately be exempt as i'm not the mortgagee or registered owner. |
| 3 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 26 August 2010 : 08:48:02
Under divorce law you share marital debts & assets & then divide up starting at 50/50, but this will be deviated from if there are children involved say. This is inly a very crude sketch, your best bet would be to talk to a solicitor about the financial aspects of divorce & see what they advise. It may well be worth delaying bankruptcy until the divorce & finances a are sorted |
| JayL |
Posted - 26 August 2010 : 07:48:54
thanks for the advice,makes sense what you have said,looking at it from a different angle if i were to get a divorce and give up my equity (if any) in the property as part of the divorce settlement,
would that safeguard the property........ |
| gettingoutofdebt |
Posted - 26 August 2010 : 06:51:53
If you have lived in the property for 6 years and contributed to the costs then it is likely that the OR would say that you have a stake in the property. If there isn't any equity in the property then this isn't a problem but if there was equity then the OR would look to release some of this i.e. what they consider your part of the equity to be.
I am not too sure whether the OR would consider you having 50% share in the property but I would recommend speaking to one of the professionals who frequent this board:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
They are very highly respected and have a lot of experience in dealing with these kind of issues. |
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