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Will my partners debts affect my assets? |
We recently bought a house which is in my name as is the mortgage, as an adult living in the house, my partner had to sign a waiver of interest to the mortgage company prior to the mortgage being issued. All the bills are in my name and he contributes towards our living expenses by paying me a fixed monthly sum.
I knew he'd money problems in the past but thought they were sorted, I recently found out that this wasnt the case, and he has been ignoring old debts. I will talk to him about sorting these out but wanted to be sure that my property and his contribution to our expenses would be safe?
If he didn't contribute, it would be difficult for me to manage all of the expenses for the two us just out of my salary and I am guessing when assessing financial situations, living costs need to be taken into account?
As part of his last divorce, the court stated he had to pay £400 per month to his ex to pay a loan which he has been doing ever since, will this be taken into account too?
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Re: Will my partners debts affect my assets?
There is a slim chance that your partner has built up a beneficial interest in your home, but it is unlikely and difficult to prove, therefore your house should be safe from any of his creditors. Any debt management company should look at your partner’s income and set up a budget for him that allows for living expenses and uses what remains to pay back his debts. It may be that the amount that is allocated in the new budget for living expenses is not the same amount he currently gives you, but there is no way to enforce this prior agreement between you. The £400 he pays to his ex will be taken into account when setting up the budget. I recommend he sees a debt advisor as soon as possible.
Please see 'Leading Debt Advisors' on our homepage such as the Debt Advice Foundation who provide a free, confidential helpline and can advise Click here to find out more.
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