House used for IVA during divorce.

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gazs
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by gazs » Fri Apr 27, 2018 7:32 pm
Hi all
Ive just joined as im in need of some help for my partner whos going through a divorce and is now ready to sort financial stuff out but have a question regarding the house.

My partner wants to get everything sorted so she doesnt have anymore connections with her ex. But last week she mentioned to him that he needs to get the house valued so they can sell to split any profits ...he replied that the house cannot be sold as he has used it for an IVA he has and said it cannot be sold for 5 yrs...

So the question i have is...can he do this and is the house now tied up for next 5 yrs or can the courts demand it goes back into the financial pot so it can be split between the 2 of them?

Regards
Gaz
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Foggy
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by Foggy » Fri Apr 27, 2018 8:47 pm
The house can be sold, with permission from his IP. His share of the equity will be paid into the IVA.
gazs
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by gazs » Fri Apr 27, 2018 8:57 pm
Thank you for quick response really appreciated...but sorry to sound thick but what is IP?
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Foggy
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by Foggy » Fri Apr 27, 2018 9:07 pm
gazs wrote:
Thank you for quick response really appreciated...but sorry to sound thick but what is IP?


IP stands for Insolvency Practitioner -- the Supervisor of the IVA.
gazs
Posts: 3
by gazs » Fri Apr 27, 2018 9:21 pm
Thank you very much i'll pass this onto my partner and im sure i will have many more questions :lol:
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