IVA and mortgage

flamingo22

Hi looking for some advice. Myself and my husband separated 10 years ago (never got divorced, we remained good friends and life got in the way). During this time I bought a house. Three years ago we got back together and he later moved into my home. Couple of questions really, how can I protect my home should things turn sour again, will he be entitled to any equity in my home? He also has an IVA, will the company take this into account and ask me to release equity? He is not on the mortgage and have no plans of doing so. Thank you. 

Keep_pedalling

His creditors can’t touch anything that you are the sole owner of. A divorce court however would look at your house as a marital asset. 

Have you made a will?

flamingo22

Hi, I made a will a few years ago (this will now need updating). I know that there is a form that he would need to sign from my mortgage company to say that he will not go after any equity in the house, I'm just wondering if there's anything else I can do. Thanks for replying. 

sourcrates

This really should be on the mortgage board.

Emmia

Is he paying towards the mortgage or sharing in costs of home improvements etc? Those payments start to give him equity (which it sounds like you're not keen on). He should contribute to food, utilities, council tax as you won't get the single person discount.

The money he saves by not renting/ paying his own mortgage should be saved to give him a financial cushion to help him move out quickly if it goes wrong again (or go towards his IVA). However, like your house, savings would also be considered in the event you did divorce.