Hi all, posting on behalf of a colleague. Wondering if I can get some guidance on the below as I haven't found any cases on Austlii that are directly relevant. Colleague is going to see a lawyer but would be good to have as much understanding / background info as possible to get the most out of the appointment.
Colleague used to own a business with ex-spouse. Ex suffers with bipolar (since diagnosed and managed but previously uncontrolled) and made several reckless financial decisions that can be typical of the disorder. Subsequently, their business went bust. They divorced in 2015.
Ex went bankrupt in 2019 but the house ex lives in ($200k in equity) was protected because, even though the title shows it's held in joint names, the offer and acceptance were in the name of the family trust. Colleague has control of the family trust.
There is an absolute caveat on the title as to ex's interest only.
Colleague currently rents and would like to buy a house. Colleague is a little tired of ex living in their former home when ex could rent. Colleague and ex are more or less amicable and ex would potentially agree to sale of house.
Is there any way for colleague to sell the house (or access the equity) without it going to ex's creditors? Mortgage broker thinks no.
Thank you in advance
Colleague used to own a business with ex-spouse. Ex suffers with bipolar (since diagnosed and managed but previously uncontrolled) and made several reckless financial decisions that can be typical of the disorder. Subsequently, their business went bust. They divorced in 2015.
Ex went bankrupt in 2019 but the house ex lives in ($200k in equity) was protected because, even though the title shows it's held in joint names, the offer and acceptance were in the name of the family trust. Colleague has control of the family trust.
There is an absolute caveat on the title as to ex's interest only.
Colleague currently rents and would like to buy a house. Colleague is a little tired of ex living in their former home when ex could rent. Colleague and ex are more or less amicable and ex would potentially agree to sale of house.
Is there any way for colleague to sell the house (or access the equity) without it going to ex's creditors? Mortgage broker thinks no.
Thank you in advance
