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Sarah.ml
Starting Member
3 Posts |
 Posted - 09 February 2010 : 22:43:04
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Hi, I've just heard that my ex-husband is likely to go bankrupt. We separated five years ago but the divorce was only finalised three years ago. When we separated, I gave him what I considered to be his half of the equity in the marital home, minus £5000 which I had put into the house as a deposit. He owned another house with a friend, but I contributed to paying the mortgage on it, so he gave me £7000 to buy me out of that. My name was never on the mortgage for this second house, but his name was on the mortgage of our marital home.
In the end, I gave him £25,000 to buy him out of the marital home.
1. Can his creditors come after the equity in my home, five years after we separated and three years after we divorced?
2. Would they accept the way we worked out the split of equity, as detailed above?
I would be very grateful for any advice you could give me on this matter as I am panicking that I'm going to lose my house and/or go bankrupt myself. |
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RHB
Senior Member
1159 Posts |
Posted - 10 February 2010 : 07:17:37
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| Did you have a consent order drawn up? Did you have children with him? |
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Sarah.ml
Starting Member
3 Posts |
Posted - 10 February 2010 : 08:28:03
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quote:
Originally posted by RHB
Did you have a consent order drawn up? Did you have children with him?
No, no consent order and no children. Thanks.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 February 2010 : 10:38:01
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Hi Sarah
from what you have typed his bankrupt should be seperate from you and have no effect on you
they may (very small may) want to make certain that he did not sell his share to you significantly under market value. we are not speaking about the odd £1000 but 10's of thousands.
I take it that when you got divorced you severed all financial committments, no joint loans outstanding or joint yacht moored in seychelles !
good luck regards Richard
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RHB
Senior Member
1159 Posts |
Posted - 10 February 2010 : 16:40:33
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| I think it may be wise to get a consent order drawn up, thus completely severing all financial ties. |
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Sarah.ml
Starting Member
3 Posts |
Posted - 10 February 2010 : 18:26:47
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quote:
Originally posted by RHB
I think it may be wise to get a consent order drawn up, thus completely severing all financial ties.
Thanks RHB and Richard. No continuing financial ties, thank God!
If I were to get a consent order drawn up (which he would probably never sign!), would that protect me from the creditors coming after my house?
I definitely gave him his fair share of the equity, minus what I had put in as deposit and my share of the equity in the other house, but whether the creditors would see it like that...
Thanks for your help guys.
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RHB
Senior Member
1159 Posts |
Posted - 11 February 2010 : 07:13:34
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| Thing is, if you were to win the lottery tomorrow he could have claim on it without a consent order. A solicitor can draft one for you saying what you ave done re the houses etc & make it a clean break by consenting not to have any future claim on each other. It is actually in your ex'sbest interests to do so because you could claim money from him in the future too. |
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my ex-husband is likely to go bankrupt
