My ex-wife owns our matrimonial home

[ralston]

My ex-wife owns our matrimonial home in her own name. Will any equity in the house be taken into account when I apply for my IVA?
Also there is a possibility that she will sell the house soon can anyone put a stop to this if I take IVA?
Will my Company Pension and Personal Pension be safe if I take IVA? Many thanks

[MelanieGiles]

Hi ralston and welcome to the forum

That will depend upon the circumstances of your separation, and the nature of any consent order you entered into regarding the transfer of your interest in the property to her.

If this was effected at a time when you had no debts, then there is nothing to worry about. If, however, you were insolvent at the time you entered into this transaction, your IP will need to consider the implications of this - as such transactions could be overturned under alternative bankruptcy proceedings - thus restoring your interest and making it available for your creditors. These actions are fairly uncommon, and rarely pursued by bankruptcy Trustees, but nevertheless you should take specific legal advice if you are worried.

Your pensions are safe within an IVA, but creditors often ask you to suspend payments for the duration.

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

[jamesfalla]

Ralston

I am aware of some instances where divorce agreements have been overturned based on the rules in bankruptcy but as Melanie says, these are rare. However, you should get advice from your solicitor who dealt with the procedings.

Your pension funds can not be touched in an IVA or bankruptcy. However, it is more and more common for creditors to demand that you suspend any ongoing payments into these funds for the duration of your IVA. It might be possible to successfully argue that payments should continue if you are nearing retirement age. However, if you are still in your 30s or 40s this would be very difficult

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk