is the house in my husband's name my asset?

[andrea2]

I have spoken to a company about an IVA. The house is and has always been in my husband's name (with mortgage). Can the house be classed as an asset of mine?

[ianmillington]

Hi Andrea

It is a pretty complex subject. If you have contributed to the purchase of the proprty or if you have made other contributions such that it enabled your husband to make the mortgage payments then you could have acquired an interest in it.

A good rule of thumb would be to ask yourself what your position would be were you to be going through a divorce. Having said that, each case will turn on its own facts.

ian

[MelanieGiles]

In a recent test case, it was made more clear that couples who live together (whether married or not) do develop beneficial interests in their partner's share of the equity.

I also act as Trustee in bankruptcy to a large portfolio of cases, and have successfully attacked a beneficial interest in similar circumstances quite successfully at Court, based upon evidence of the bankrupt's financial contribution towards his wife's solely owned property.

As you are considering an IVA rather than bankruptcy, it would be wise for your IP to explain the situation properly in the IVA proposal, and you and your partner may need to accept that an equity release may be requested by creditors if the IVA is to be successful.