Settlements and my IVA

[traye]

Please could you tell me what happens in regard to settlement in a divorce?

Would it be worth me pursuing a settlement(likely to be less than full value of IVA)

The property in question has never been in my name and owned by other party before marriage - total marriage for 2.5 years

IVA not to finish for 20 months or so.

Many Thanks

[Foggy]

There is every chance that any settlement will be payable as an asset into your IVA. I assume that you are already in alternative housing so would not need to negotiate a sum for resettlement.

To be honest, my first thoughts are that any share would be minimal reflecting 2.5 years contributions to the properties worth.

[Lisa Thomas]

I agree with Foggy any interest in the property is likely to be minimal but it depends on what agreement is reached/grarted by the Courts.

Ultimately any divorce settlement due to you will have to be paid over into your IVA.

You may also have to propose a variation if the settlement relates to assets that are being dealt with in the IVA, like the property.

Best to revisit the terms and speak to your IP.