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carolla
Starting Member
3 Posts |
 Posted - 16 March 2009 : 16:53:06
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Can someone explain to me who is classed as an associate in Transfer of Property - is an ex husband classed as an associate?
Thanks |
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carolla
Starting Member
3 Posts |
Posted - 17 March 2009 : 11:11:56
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Hi
What I would like to know is that I had a Decree Nisi in 2003, house to me – money to husband (not full value - not court order – amicable agreement). Decree Absolute 2009.
Would Ex husband ( he is thinking of bankruptcy) be classed as an associate under the rules and regulations or is the transaction as it is 6 years ago safe?
Thanks
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John
New Member
United Kingdom
73 Posts |
Posted - 17 March 2009 : 12:24:42
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Hi
I think what your asking is would your property be at risk in the event of your ex husband's pending bankruptcy in light of the fact that you, on agreement, maybe benefited by retaining more than what was 50% of the equity at the time.
In the Statement of Affairs the following questions are asked:-
have you sold a property in the last 5 years, and if so give details?
AND
have you transferred or sold undervalue any asset within the last 2 years, if so give details?
AND
Have you been divorced in the last 5 years, if so give details?
The question is, technically, as far as assets agreements are concerned in divorce when are they finalised, at the point of Nisi or Absolute?
If the former then you have no problem but may have if it is the latter. Not being a divorce lawyer I cannot advise you but there may be another way to allay any fears you may have.
How much equity was in the property in 2003?
How much capital did you have in 2003?
How much of the capital did your husband receive?
What is the level of equity in the property now?
Have you remortgaged or taken out any further secured loans on the property since the divorce settlement?
The answers could mean that either way it could be claimed your husband has no interest in the property.
John White
England Jackman & Spacey |
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carolla
Starting Member
3 Posts |
Posted - 17 March 2009 : 15:02:11
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My question of associate is because I have seen that after 5 years a divorce settlement does not come into the equation, so I was wondering if it was because of by way of association?
And after divorce he wouldnt be my associate (or so I thought) however-
A person is an associate of an individual if that person is the individual’s husband or wife, or a relative, or the husband or wife of a relative, or the individual or the individual’s husband or wife. Where an individual has entered into an undervalue transaction with an associate, it is presumed that the individual was insolvent at the time (see paragraph 31.4.2). It is presumed that the person did not act in good faith.
Notes:[s435] [s341(2)][Insolvency (No 2) Act1994]
435. Meaning of "associate"
(1) For the purposes of this Act any question whether a person is an associate of another person is to be determined in accordance with the following provisions of this section (any provision that a person is an associate of another person being taken to mean that they are associates of each other).
(2) A person is an associate of an individual if that person is the individual's husband or wife, or is a relative, or the husband or wife of a relative, of the individual or the individual's husband or wife.
However down the page:
8) For the purposes of this section a person is a relative of an individual if he is that individual's brother, sister, uncle, aunt, nephew, niece, lineal ancestor or lineal descendant, treating -
(a) any relationship of the half blood as a relationship of the whole blood and the stepchild or adopted child of any person as his child, and
(b) an illegitimate child as the legitimate child of his mother and reputed father;
and references in this section to a husband or wife include a former husband or wife and a reputed husband or wife.
so unless you came from outer space I would think that everyone is related to everyone! |
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RHB
Senior Member
1159 Posts |
Posted - 17 March 2009 : 18:18:18
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| Was he insolvent at the time he transfered ownership to you? Also, do you have a consent order stamped by the courts? You are only divorced when the absolute comes through. |
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associate
