My bankruptcy and partners pension

ElleBee2023

Following the failure of my business due to the events of the last few years, I have decided that bankruptcy is my only option.

However, my partner has just taken a lump sum from his pension to enable him/us to travel to see family overseas and to buy himself a car.  

We rent our home and have no assets,  but we do have a joint bank account into which my partners pension is due to be paid.  Will half this money be considered mine and therefore used to pay off some of my debts, or as we can prove it is my partners pension, will it be left alone? 

RAS

Before you do anything, you must separate your accounts.

You need a new basic sole bank account which is bankruptcy friendly and not associated with any of the banking groups to whom you owe money. Do not use the switching mechanism. Try Co op, Barclays, Starling.

Partner would probably be wise to set a new account, unless the current bank will allow the existing one to be converted to a sole account. But still potentially risky if you owe debts to the same banking group. He should be OK but problems might take a while to resolve..

Minkym00

Short answer, yes. It is likely to be considered as 50% yours. Don't risk it, don't have the fund paid into a joint account.