HI, I will try and help you
are you planning on having a formal deed of trust drawn up?
Yes that's correct
have you considered the terms of the the Deed of trust with your lawyer? i.e the percentage you hold the equity in the property etc?
Yes probably with a 75% for me and 25% for my wife
Ok that's good. In the event that your wife runs into problems with creditors she could be sued for the debt..They could then go after her assets which would involve, amongst other things, obtaining a charging order against the property. However this could only ever be against her "equitable interest" i.e. the 25% and not your 75%. So to answer your question yes your assets would be protected, but you need to have the Deed of trust drawn up well and professionally
That's great Matt
Thanks for your help
they key to this however is that she is not in debt now as the creditors could see this action as trying to defeat their right to payment
i.e you are trying to get around the debt by ring fencing an asset
as long as this is not the case you should be ok
Sorry,do you mean she is in debt now?
She is debt free at the moment I appreciate that it wouldn't work if she had current depts
Good. If you are happy then kindly leave me positive feedback so i can be paid for my time. the question wont close and if you think of anything further on this subject later on you can always ask and I will respond. Hope everything works out for you.