Hi My wife is considering bancrupcy. I purchased my property in 1990 with my previous wife, I own in my sole name and pay mortgage myself. I married this wife in 2002 however she didn't move into my propery until Nov 2004. The property in now mortaged for 150.000 andx I don't think there is any if much equity in it. How liable am I to my wifes bancrupcy and this benificial intererst clause ?
If your wife has been contributing to the household since she took up residence in 2004 then she has accumulated an interest in the property over the last 4-5 years. However, if there is little or no equity in the property then any potential beneficial interest would not be persued by the OR as it would not be cost effective for the estate.
HiMy wife is considering bancrupcy.
Posted - 07 May 2009 : 21:45:56
