‘If this is not the intention, then protection can be found by entering into a pre or post-nuptial agreement which makes clear that regardless of its use as the family home (or other treatment during the marriage), such a property is intended to remain the ring-fenced property of the legally owning party.’.
‘We bought the property four years ago and two years ago my partner took out an IVA [an Individual Voluntary Agreement, which is a contract between an individual and their creditors to pay back debts over time] in his name.
Where a property might be owned outright with the other having no legal interest in it, if it’s lived in as a family home this could mean that on divorce, a court is ‘likely to consider it a matrimonial asset which is to be divided equally between them.’.
Having an idea of how the property would be divided after separating is fundamental – and the legal starting point is for the home to be registered jointly, citing both names on the deeds.
‘Initially we agreed he would attempt to buy me out, but we quickly found out this would not be able to happen due to the IVA so since then I have been asking him to sell up.
