Protect my partner and our assets from my debt

SgtRock180

I have lots of unsecured debt (around £50k) and will soon be married to my partner. We currently own our home with a joint mortgage. legally I currently own 50% of the property, however my partners initial deposit was greater than mine.

Basicly I want to make sure that if any creditors chase me for money in the future, legally they can't chase my partner and her share in the house.

I understand a deed of trust may be what we need, but in the situation that we are married and still together and need to sell the house to pay debts. Can they still chase my partner or demand her greater share in the property? 

Not sure what the best course of action is to protect her, and her share of the house, from my debts?
Any thoughts would really be appreciated

Voyager2002

Ask your solicitor / conveyancer to explain the difference between owning a house as "joint tenants" and "tenants in common". That should do the trick.

AskAsk

with a deed of trust agreeing different share in the property will mean that your wife won't be responsible for your debt.  however, should the marriage break down in future, she may just keep that share and you are stuffed.

technically speaking the court will award you half of the property but this is not certain.

DullGreyGuy

SgtRock180 said:

I have lots of unsecured debt (around £50k) and will soon be married to my partner. We currently own our home with a joint mortgage. legally I currently own 50% of the property, however my partners initial deposit was greater than mine.

Basicly I want to make sure that if any creditors chase me for money in the future, legally they can't chase my partner and her share in the house.

I understand a deed of trust may be what we need, but in the situation that we are married and still together and need to sell the house to pay debts. Can they still chase my partner or demand her greater share in the property? 

Not sure what the best course of action is to protect her, and her share of the house, from my debts?
Any thoughts would really be appreciated

So you are Tenants in Common? You should have a deed that goes along side that which states who owns what percentage of the house, in its absence its assumed its equally shared so 50/50 with two owners. 

Just make sure you are tenants in common as people often incorrectly state they own 50/50 when they are joint tenants which technically actually means you each own 100% 

Debts are personal and so unless she is named on the debt they cannot chase her for it. 

Emmia

Is your soon to be spouse aware of your debts? And are you taking steps to tackle them?

I hope you're not spending big on the wedding.

SgtRock180

Thanks so much for the responses!

We are now joint tenants, we have been tenants in common with our previous house so understand the concept.

Just now with my debts looming we want to make sure my personal debts won't effect our shared asset. So am I right in thinking currently we both technically own 100%? So my debts could be offset against all of the equity in the house?

If that's the case if we become tenants in common with a deed of trust stating my lesser share in the house, that will stop any of my creditors being entitled to her greater share?

She is aware and I am taking steps to sort out my debts, but that is another story. This is just part of taking account and organising the problem.

Thanks guys