Silvio Dante
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I have moved this from this Key Post The family home in bankruptcy
Hi Bronte,
Thanks for this very valuable post.
After a two year struggle I was forced to accept bankruptcy last year.
I indicated to the OA at the time (late 2013) my wife would hope to buy my equity in the family home.
At the time I felt there was probably about 100k equity in the house and this would have meant her finding approx 50k.
I then found out that the mortgage payments that have been made by her solely for the two years since I lost my job reduce my equity accordingly.
However your post above raises a very important question for me.
If as is the case here my wife began solely paying the mortgage in May 2012 is she alone entitled to any equity increase from there and only any spare equity up till that point is deemed mine/OA's?
Legally speaking this is not at all clear. Leave aside bankruptcy for a moment, my understanding was that even where a home was jointly owned, and they don't even have to be married, if one party makes all the payments on the mortgage, than they are entitled to the equity they have built up, and the other partner, if they have contributed zero, are entitled to nothing. There is case law on this, it comes up occasionally. But Ireland being Ireland, you never know until your own actual court case what way the wind blows.
I think there could well be a very solid legal argument that where a spouse makes all payments they are entitled to a higher beneficial share.
Hi Bronte,
Thanks for this very valuable post.
After a two year struggle I was forced to accept bankruptcy last year.
I indicated to the OA at the time (late 2013) my wife would hope to buy my equity in the family home.
At the time I felt there was probably about 100k equity in the house and this would have meant her finding approx 50k.
I then found out that the mortgage payments that have been made by her solely for the two years since I lost my job reduce my equity accordingly.
However your post above raises a very important question for me.
If as is the case here my wife began solely paying the mortgage in May 2012 is she alone entitled to any equity increase from there and only any spare equity up till that point is deemed mine/OA's?