Separated husband's IVA & his inheritance money

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
lisa726
Posts: 1
Joined: Wed May 31, 2017 9:03 am
by lisa726 » Wed May 31, 2017 9:03 am
My husband and I separated about 5 years ago and he left with debt.. he got an IVA and this has a hold over my house. I have 2 children at home and I can't sell due to his financial state! What I can't get my head round is that his dad left a 1/4 share in a property which his share is worth at least £125k. If he's got all this inheritance why isn't the IVA company fighting for this money? He wants half the equity in our joint house that I have with the children but he hasn't paid anything toward the mortgage and any maintance let alone fighting for him to send money towards the upbringing of our children.. please can anyone advise anything that may be able to help me get advice as to why I will end up giving him money yet he sits on £125k! Thanks
redboxtree
Posts: 63
Joined: Sat Feb 25, 2017 2:41 pm
by redboxtree » Wed May 31, 2017 10:26 am
If he went into an IVA 5 years ago he is now coming up to the period where the IVA company will be looking at if he can release money via remortgaging.

If he cannot do that he will have to make payments for another year.

Your ability to sell your current property is not something he really wants to think about as if you try and do it at this point (which his IVA company would probably agree to) that would mean any equity from his side would go to paying off his creditors.

I am assuming that his IVA company know about the property he has inherited.

You need to seek legal advice to understand what your options are and get an independent view.
User avatar
Michael Peoples
Industry Expert
Posts: 14826
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Wed May 31, 2017 11:44 am
If he inherited money then this should have gone to his creditors and likely repaid them in full [unless his debts were higher than £125k]. If the IVA company are not aware then they will not take steps to recover the money but there may also be things in the will to which you are not party. The property could be held on trust or ringfenced in the event of an insolvent legatee so perhaps this inheritance is protected.

You should seek legal advice about your own property and his entitlement. If sold, some of his share would go to his creditors so you need to protect the property from them both.
User avatar
Lisa Thomas
Industry Expert
Posts: 5629
Joined: Wed Dec 03, 2014 10:26 am
Contact
by Lisa Thomas » Thu Jun 01, 2017 7:59 am
Might be worth a call to the IP to see if they are aware of the inheritance...
User avatar
Foggy
Forum Expert
Posts: 22653
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Sat Jun 03, 2017 4:57 pm
Division of the matrimonial home will be a matter for the courts to decide at that juncture --- As mentioned above, you could, though the courts, force the issue and his share woud go into his debts. I would check with his IP about the inheritance ( he would not be able to discuss this with you, but the knowledge might make him think about making further investigations in this regard).
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 10 guests