Yet another BI question regarding house

yamsteroo

I have yet another silly question about beneficial interest in my husbands house which I'm hoping someone will be able to answer for me.

I have lived with my husband for 3 years although he bought his house 15years ago and it is in his name only along with all the utilities, council tax etc. As a rough guide, he has 100k equity in the house and it is only me thinking of going BR - he has no debts apart from the mortgage.

As a percentage, my BI could be said to be 20k but would the OR want this full amount bearing in mind I would be on a fairly high IPA for three years (I reckon I would be paying an IPA of £500 a month - I earn a decent wage but my debts are higher!)

I know they have costs to cover etc but my question I guess revolves around my (probably flawed!) thinking that if my IPA recovers 18k over 3yrs (plus almost a years income tax if I go BR after April) would they chase me - rather, my innocent husband - for 20k or would they accept a lesser amount given the amount of the debt repaid?

I'm probably being optimistic thinking they'd take less - the kind of thinking that has got me in this mess in the first place!

debtinfo

They will realise all assets available until all debts have been paid and all costs covered

sizzler

goodn advice:)

yamsteroo

That's what I thought the answer would be - I'm gradually wakening up to the grim reality of the mess I'm in. The really hard part will be telling my other half as he has no idea (I ran up most of the debt before I met him but have since compounded the problem by burying my head in the sand and using credit to pay debt - a big no no, I know now!).

I guess I am amazed the OR can get 20k off him after just over 2years of marriage when there isn't a divorce solicitor in the land could do that :rotfl:

I'm (hopefully!) assuming as he could pay all the household bills inc mortgage without my help (and indeed he did for the first 12yrs, the past three I've paid a set amount each month to him and he uses as he pleases) they may take that into account?

Many thanks for all the info from you lovely people - I've been advised BR is my best option but I just need to get my head around the whole BI thing before I take the jump - if it wasn't for that I could cope with the rest

debtinfo

BTW, who said it would be £20K, The OR would need to how that you have contributed and that your contributions have incresaed the equity in the property. Although you will probably have some interest it may not be as much as you think

yamsteroo

Many thanks for the info.

If anything, the value of the house has dropped in the years I've lived there - as have houses everywhere but I would think they'll go back up again and if I've got it right, the OR can wait up to 3years before he makes his move on BI?

I've paid a flat 400 a month since I moved in which includes my share of all bills but any repairs on the house are paid for by my OH and apart from a half share in the sofa and a bed everything in the house is owned by him.

What I'd really love (like most people on here) is a crystal ball so I could see the outcome before I take the plunge .... oh and someone to tell my OH

milothewestie

just tell him he is your husband he will still love you! just because you have money problems he wont divorce you it made me and my wife stronger if anything and she still loves me and the trust thing,he would want to know,
god bless hope it works out for you

debtinfo

As the property is solely in his name the 3 year rule does not apply in this case. If anything you are in a slightly better situation the OR does not automaticlly have a right to the equity in the property, he has to prove that you have an interest and how that interest has accrued.

yamsteroo

Thanks very much - like everyone, I'm just so afraid of the 'unknown' bit hence stressing over this point. Once I get this clear in my head and can move onward things will be easier (right up to the bit where I tell my OH - hoping you're right, Milo!).

Whoever said the BR option was the easy way out obviously didn't go BR