Hello, my wife has got into bad financial debt and we are considering bankcruptcy. She is not named on the title deed (in my name only) and has contributed nothing to the mortgage. It was bought soley by myself (married at the time). Can the courts still apply the 'benefical interest' condition?
The technical answer to your question is possibly - depending upon the circumstances of your wife's case and whether she has contributed in any way to the property's upkeep. If not, then I think it will be difficult for her Trustee to successfully lodge and win a claim.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
the official receiver may look at the BI position and possible ask you to justify why there is no claim on the property from your wife.
it would be good to have a watertight case put together prior to Br to ensure that your asset remains such.
The OR may wish to pursue the line that your wife has contributed to the household financially or by virtue of the fact that she has given up work to bring up a family etc.
Conversely you will need to demostrate that mortgage payments / deposit have come from your accounts etc.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
As the other experts have pointed out you need to build up evidence as in this instance the devil is certainly in the detail. You say you were married at the time has the property always been in your sole name or was it previously a joint property between you and your ex-wife?
If so did your Ex have any sort of payout from the property as part of the divorce?
Were any of the utilities for the property paid by your current wife or did she make any contributions towards home improvements?
Can the courts still apply the benefical interest
Posted - 19 May 2008 : 22:43:05
