ex partner's bankruptcy

akjw

Hi - my ex may go bankrupt - we split up almost five years ago - he got the business, I got the house which has been in my name for 4.5 years, the mortgage has also been in my name for most of the time and I have made all the payments and paid all the bills. Could the house I live in with our children and my new partner (for the last three years) be at risk?
Thanks

Ineedaname

I think that as long as you no longer have a joint mortgage then you are safe. If you still had a joint mortgage or the house was still in his name too, then the OR would have an interest in it.

skylight

Check and double check that the house is definately in your name only and the mortgage is in your name only. Dig out those documents ASAP.

akjw

Hi - have tried the private message option - no joy yet. Any idea how long they take to respond, or if they do? Many thanks

Ineedaname

Who are you trying to PM?

akjw

Hi

It was the cccs counsellor, and in fact they have replied but need more details. My partner has taken advice but is concerned that there is a 5 yr cut off before it can be considered that he has no claim on the property. Any thoughts?

Thanks

JCS1

Was the seperation of assets done by court order?

akjw

No, we didn't want to involve solicitors, althoug they did advise and facilitated the transfer of the deeds

silvercar

If the business was trading, profitable and solvent at the time of the split, it should all look above board. Seems a totally reasonable divorce settlement. It only starts to look questionable if there is the suggestion that the financial split was concocted in such a way to avoid creditors getting their hands on the equity in the house.

I thought 5 years was the limit that the OR could go back, not that anything done in the last 5 years was up for grabs.

akjw

Well, it was never a brilliant business and I suppose even 4.5 years ago although times weren't so hard, small businesses still wouldn't have been feeling absolutely secure. The solicitor's advice was that it was the cleanest way to make the break given that one of us had to make sure there was a home for the children and why not the one they'd been living in? If we'd had to maintain a joint interest in the business it would have made the separation that much more difficult to deal with and as it is we have remained amicable and I have helped out at times with the business although earned my living elsewhere.

fiveyearplan

Is there any chance he can hold off on his BR until you've reached the 5 year mark? It doesn't sound like there will be any problems though but the forms do ask if you have disposed of property in the past 5 years. If he was able to wait until that time he wouldn't even need to mention it on the forms.