My husband has an IVA and is in the process of exchanging contracts on the marital house. As we have now split will I be entitled to any of the equity in the house or will this all towards the IVA and then the remainder split or can I claim half of the equity before the IVA takes its share?
From what you are saying I assume the property is in his sole name otherwise you would be involved in the contracts and therefore all the equity could be taken. You should therefore seek independent legal advice to see what claim [if any] you may have before the money goes to his creditors.
Have you made any financial contribution to the property Nicola since the date of your marriage - in other words do you feel you have any form of financial claim against the property? How long have you been married for?
You may well have acquired an equitable interest in this property so you need to get legal advice. You could also speak to the IP firm and see if you can reach agreement on your entitlement otherwise you should consider placing a caution on the property. This would hold up and possibly wreck the sale altogether so it could be in everyone's interest to settle.
You do need to get a solicitor urgently.
Ni Nicola hope it goes well with the solicitor and you are able to secure whatever you are entitled to after the years of contribution. If you havent already it would be good to mention it to your husband so that he can make his IP aware of the potential claim you have on any proceeds of sale. Keep us posted and best wishes.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Was it ever the intent for you to have a share in the property Nicola? Was this something that you and your ex-husband ever discussed or agreed upon? Was anything ever committed to writing between you?
It was always agreed that should anything happen I would be entitled to my share of the equity. Having said that spoke to solicitors and have been advised I won't get a penny it will all to go paying off the iva and anything left will go to my husband
The law surrounding the family home is quite specific and you really need to talk to an independent solicitor about it.
Not sure that you need to establish an intention to create legal relationship when splitting property post divorce. This, to my knowledge, is really an issue for unmarried cohabitants. The Matrimonial Causes Act, to my knowledge, regulates the splitting of property when a married couple divorce.
Seek independent legal advice to both establish your interest in the property and whose claim over any equity that you may be entitled to is greater - yours or ex-husband's creditors.
