Hi i am new on here - i regularly use forums so i came across this one on Google. I am facing some major issues financially and i am very worried about being forced into bankruptcy. My question is are my wife's assets safe? She has around 30 properties in her own name - totally separate title. These assets would obviously see us right for the future however i am worried that a trustee could try to incorporate her properties even though i have no ownership over them. We use one bank account for her props and mine together but that is the only association again ownership / mortgage / title is totally separate.
Would it be worthwhile getting her properties running from a separate bank account to clearly indicate which are hers and which are mine?
Th thing to focus on is if you have contributed in any way to your wifes business. i.e Mortgage payments, deposits, have any of your debts been used to finance the properties, Have you contirbuted in other ways for example have you worked on the properties to increase their value. If you can answer no to these questions you should have no problems
Really suggest you get professional help as early as possible.
depending upon your income, your wife's income, where the deposits came from etc etc etc , the OR may appoint a trustee to review the case and decide if there is any claim on these properties.
As you say in your post " these properties would see us right for the future " which by implication suggests that you assume you have an interest.
No doubt about it - you need expert advice and try to recall very carefully how you have dealt with both yours and your wife's financial affairs. I'm sure you will appreciate that your circumstances are complicated and careful consideration for your future is required.
It may be that you have inadvertently linked your assests, so it is better to be pro-active and deal with the matter beforehand rather than have to react after the event.
Check if you have access to free legal advice - it may at least point you in the right direction, but I would always recommend independant advice wherever possible.
Wifes assets - help!!!!!
Posted - 15 July 2009 : 21:02:35
