Worried about ex's debts

Janet147

Hi,

I separated from my husband last year and bought him out of the family home where I live with the two kids. He pays maintenance and has access, no issues there. Not divorced yet.

I am concerned as his business is in difficulty (estate agency) which he owns with two other partners. I know he has rental properties in joint names with his business partners but not sure on amounts owed, equity or not or what other loans they have. My concern is that if he goes bankrupt is my house at risk because I am not yet divorced from him.

Would appreciate advice as I am worried sick.

redfraggle76

Hi, im not clued up on all the ins & outs but way thinking is if you have bought him out & his name is no longer on the mortgage, then the house should be safe.
Hopefully someone with a bit more knowledge will have a more informed answer for you.

dalip

Was it done properly with the help of a solicitor?. If it was then there shuld be no comeback on you. But like redfraggle says i am no expert either.DX

peachyprice

Hi Janet, as long as he wasn't in difficulties last year when you bought him out, and you are now the outright owner there should be no repercussions, regardless of whether you are divorced or not.

HTH

Janet147

Thanks for your replies. Yes it was changed into my name last year through a remortgage and the solicitor paid him his share of the equity. I think he rents now and did not buy but cannot be sure. I was panicing in case I would be pursued for his business debt problems. Thanks.

maxmycardagain

is his business a ltd company? if so your pretty much bullet proof


did you/he ever give persoanl guatantees when the business was started?

Janet147

No it is a partnership with two other colleagues. Any mortgages they organised were always in their three names. One property had all six names at one point (partners and three wives) but was sold two years ago.