The ever-confusing issue of Beneficial Interest

Banquo21

I have finally got the money to go Bankrupt. I have a court date of 19th May. But I am still worried about the "beneficial interest" I live with my wife in her home. She bought it in 2001 with her ex-husband. They subsequently got divorced and my wife got a re-mortgage in 2011. She owns the house solely and I pay nothing toward the mortgage. I pay toward normal household bills and allowances. I moved in April 2013 and she was keen to keep the finances separate as she has always been independent. She was happy for me to make contributions to the household, paying toward the general housekeeping bill and this works out generally a 50-50 split. I live in the house with my wife and step-daughter who is 10. My partner is also 5 months pregnant.

I was just wondering if the OR would consider I have a beneficial interest. I know that there isn't a definitive answer as it is up to the OR's discretion but a broad selection of answers may ease and make my mind up on going bankrupt.

debt_doctor

Hi,


In my 10 years in specialist debt advice at the CAB, I have never once seen a beneficial interest being pursued against a bankrupt who does not have legal title to the house.
Some of my clients in this position had lived with their home owning partners for many years and contributed to the household bills, and some of these properties were owned outright (mortgage free).


I always must advise a client of a possibility of gaining a beneficial interest in some one else's property, but the practical experience does not back up the theory.


DD