ideally I want to keep house and husband move out

[rcs]

My husband is in an IVA and we are in the process of separating. He has no money to speak of and I am the primary earner. There is a restriction order on the house, but ideally I want to keep it and him move out. I am stuck I do not know what to do. Can I keep the house and what financial history will be following me around? Please help,thanks

[MelanieGiles]

Hi rcs and welcome to the forum

You are not party to your husband's IVA, but presumably own a half-share of the equity in the property. As there is a restriction over the property, which presumably you agreed to this at the time of his IVA, you are no doubt aware that your husband had responsibilities to his creditors to raise equity from the property in order to successfully conclude his IVA. He will need to think carefully about the implications of this provision, if he is going to move out of the property.

Also, if he is unable to fund his ongoing IVA contributions, then his is most likely to be made bankrupt by his Supervisor which will force you to offer to acquire his half share or see the property sold. Is there any equity in the property at the moment?

As you are in the process of separating, you should seek specialist matrimonial advice with regard to your personal position as soon as possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk