How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Expert Lu Your Own Question
Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 311
Experience:  ACCA Diploma
109074415
Type Your Tax Question Here...
Expert Lu is online now

I am currenlty, My partner and I are in a civil partnership.

Customer Question

Hello, I am currenlty
JA: Have you talked to a tax professional about this?
Customer: My partner and I are in a civil partnership. We are separated but not legally so and don't intend to whilst we see how things go. I am currently in a Debt Management Plan and have been thinking about an IVA or bankruptcy. We currently own 2 properties together with one our main residence. All the debts are my responsibility and I will rectify them either way. If I were to pursue an IVA or bankruptcy, is there any way to avoid the properties being used to clear debt by forced sale? He should not have any liability for what are my debts. Is there any pre emptive planning I can do to protect the property to ensure they cannot be called on for equity that does not involve assigning my share to him or him buying me out. Thank you
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: nothing else i dontr think
Submitted: 17 days ago.
Category: Tax
Expert:  Expert Lu replied 17 days ago.

Hello and welcome !

Expert:  Expert Lu replied 17 days ago.

I am an expert with JustAnswer and I am happy to assist you with your question.

Expert:  Expert Lu replied 17 days ago.

I am currently reviewing your question and I will get back to you.

Expert:  Expert Lu replied 17 days ago.

Thank you in advance.

Expert:  Expert Lu replied 16 days ago.

Thank you for your patience. Regrettably as long as you are on the title as a joint owner the properties will be eligible to be enforced against. The only way is to transfer them to your partner, however this is often made very difficult if there is outstanding mortgages and also your separation would  have to be extremely amicable fir you to trust that they will still owner your share of you relinquish title because of the debts.
I am sorry I couldn’t give you a more positive response. Thank you for contacting
Just answer.

Expert:  Expert Lu replied 16 days ago.

All the best Expert Lu