Hi, thank you for tour question. Just a bit more information required:
-Will he agree to the divorce?
-What other assets do you both have?
Thank you. If he agrees you can apply under the fact of 2 year separation by consent - you can complete the divorce petition yourself and send it to the relevant court. The court fee would be £550. You can follow the process here:https://www.gov.uk/divorce/overview
In relation to the bankruptcy and assets - if he becomes bankrupt there will be a risk that any property held as joint tenants may be subject to the bankruptcy and the property may have to be sold in order to meet his debts. It would therefore be in your interest to obtain detailed legal advice from a local solicitor as it may be necessary to consider purchasing his shares to avoid properties being claimed as part of the bankruptcy.
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Joint debts will likely have joint and individual liability, therefore the company can pursue you to settle the debt if they cannot through him.
The bankruptcy rules are complicated and it would depend on how the properties are held. If they are joint tenants the whole property will be pursued. If it is a tenancy in common it would be his individual share which would be assumed at 50% unless there is a formal agreement for unequal shares.
As tenants in common you each own individual shares in the property and you are free to bequeath or sell your share. As joint tenants you both own the whole property and if one of you passes away it automatically transfers to the other and you do not own individual shares in the property.
If he becomes bankrupt you will both still hold the legal title of the property but the trustees are likely to want to realise their interest and apply for an order for sale to obtain his share of the equity of the property.
My name is ***** ***** i have been a solicitor for more than 30years
In fact once your husband is declared bankrupt the Joint tenancy is automatically severed and you will hold the property as Tenants in Common in equal shares.
You will be given the opportunity of purchasing your ex's share from the Trustee in bankruptcy (or a family member or friend can do so) in order to prevent a sale.
This is not "a risk" it will happen
Yes I am afraid you are liable for the secured loan as well