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New High Court Ruling
allofadither
Posts: 543 Forumite
From the TimesOnline today…
Thousands of divorcees risk seeing their assets plundered to meet their former spouses’ debts after a landmark ruling that they are no longer protected from his or her creditors when they split.
A High Court ruling released yesterday has closed the loophole protection that spouses enjoy over their share of assets ordered on divorce.
In future if a husband — or wife — goes bankrupt, their spouse will be exposed to creditors over assets won in a contested divorce. Bankruptcy trustees will be able to pursue the nonbankrupt spouse for up to five years. The ruling also applies retrospectively to divorce orders within the past five years. :eek:
Thousands of divorcees risk seeing their assets plundered to meet their former spouses’ debts after a landmark ruling that they are no longer protected from his or her creditors when they split.
A High Court ruling released yesterday has closed the loophole protection that spouses enjoy over their share of assets ordered on divorce.
In future if a husband — or wife — goes bankrupt, their spouse will be exposed to creditors over assets won in a contested divorce. Bankruptcy trustees will be able to pursue the nonbankrupt spouse for up to five years. The ruling also applies retrospectively to divorce orders within the past five years. :eek:
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Comments
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Im not sure If I think its that bad really, Why should the OH get away with 1/2 the assets when they may well have been bought with credit thats included in the bankruptcy ?0
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Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
It doesn't apply to everyone. It was meant to close a loophole for the super rich avoiding IPA's etc and no doubt it will be challenged in a higher courtBR 18 Oct 2006 Discharged 16 April 2007 :T0
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