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Posted: Sun Jul 22, 2007 4:03 pm
by unchain
as IVA is for 5 years,a long time, what happens if the marriage fails and ends in divorce?
unchain.
Posted: Sun Jul 22, 2007 4:13 pm
by MelanieGiles
This does, unfortunately, happen during IVAs, and you would really just need to discuss the implications of marital separation with your IP at the time. If you have mutual and interlocking IVAs, then it is possible to separate these and let each party make their own payments directly in the future.
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
Posted: Sun Jul 22, 2007 4:22 pm
by unchain
IVA is in in only one persons name,who happens to have the mortgage in sole name,but no equity.but there is clause of remortgage in 4th year.
Spouse has no income or other source of money.
unchain
Posted: Sun Jul 22, 2007 4:24 pm
by MelanieGiles
A divorce under those cirucmstances is therefore likely to be unaffected, if the spouse has made no financial contribution to either the shared income or property.
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
Posted: Sun Jul 22, 2007 4:38 pm
by unchain
This may increase out goings,because of maintanance payments and also can the house be left to spouse and children. This may be an easy option. And maintanance payment may be less.
unchain.
Posted: Sun Jul 22, 2007 5:21 pm
by MelanieGiles
You need to be more specific about your circumstances. Is this actually happening to you?
You cannot transfer assets to your spouse for less than their market value if you are insolvent.
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
Posted: Sun Jul 22, 2007 5:30 pm
by unchain
Not happening at present,if it happens.
cant I let my spouse and children live in the house,I paying mortgage.I do not think that my spouse will have any hold on house as it will be my nane.
This may reduce maintanance payment.
I am just considerng in case.
unchain.
Posted: Sun Jul 22, 2007 5:45 pm
by MelanieGiles
Yes you could do this, so long as your IVA payments were unaffected.
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