What happens to common-law partner?

headinsand_4

Hi,

Thanks for continuing great info on these boards.

In a personal BR situation , my only real asset is a house with decent equity- how do I protect a 3-year+ live in partner's interest in the property? It's only my name on the mortgage but I'm guessing I could establish an interest in the property for her to at least give her some financial security rather than straight to all these unsecured loans?

I am considering all options , this is not my course of action, I just wanted information on this concept!

Thanks again.

rog2

Difficult one here, his - I would expect that the ONLY way to prove a third party BI would be to prove that that person has been contributing to the purchase, and upkeep, of the house. I think it would set the alarm bells ringing, with the OR, if you 'transferred' ownership to your partner just before you declared bankruptcy.

headinsand_4

Thanks.

I'm not planning to do anything dodgy like that. It's more a simple protection of her interests - she has been here nearly four years and has been contrbuting (like any partner).

I'm also not considering BR yet - i'm more worried that I may be forced into it. I suppose I'm just getting as much information as I can!

rog2

headinsand wrote: »

I'm also not considering BR yet - i'm more worried that I may be forced into it. I suppose I'm just getting as much information as I can!

If you're not considering bankruptcy, then you could put your partner's name on the deeds. If, at a time in the future, you are forced into bankruptcy you would need to be able to prove that you knew nothing of the impending bankruptcy at the time.
If we were all blessed with the gift of hindsight, not many of us would be here.