I have been joint owner of a property in another country last year I gave my half to my son.would this be classed as an asset? Also my wife is sole owner of our property we were married just one year ago she has had the property for 25years would this also be classed as an asset?
Any property you own is classed as an asset and will have to be disclosed in your SOA. If you gave half to your son, this could be deemed by the OR as a transaction at an undervalue and the OR could unwind this transaction and take the property, assign a trustee and force a sale.
Property in BR is similar as in a divorce. The OR would deem you to have a matrimonial interest in this property, but given the length of time your wife has owned it and the time you've been married, i would suggest this interest would be negligible or even non-existent!
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
I have been joint owner of a property
Posted - 21 January 2009 : 13:16:39
