I really need your help!!!My ex-partner is considering BR. We both still own a piece of land abroad (which we bought 3 years ago). I really don't want to loose it, but can't afford to buy it off him. Could you please let me know what is going to happened if he goes bankrupt?Thank you
The law states that you have to declare all your assets, even those abroad, to the Official Receiver on your bankruptcy. If the land is in joint names, 50% of the equity is yours with the other half being owned by your ex husband. The OR will only want your ex husbands share and you would probably be asked if you wanted to purchase his share. If you were unable to do this, then the land would be sold within three years and your 50% share of the value would be returned to you.
Land-owner abroad - will I loose it?!
Posted - 15 September 2010 : 08:22:24
