Posted on: 04th Jun, 2013 01:24 am
My mom and dad are separated but not divorced. If my dad helps my mother to buy a property but later files for divorce and bankruptcy, then will the property be in danger?
If the property is in your father's name and if your father files for bankruptcy, then the property will be in danger. Your mother may lose the property.
Hi Sammyy
Yes, the property will be in danger due to the bankruptcy filing. If your father's name is on the property, then he will have to include the property as his asset and it could be sold off to pay off his debts.
Thanks
Yes, the property will be in danger due to the bankruptcy filing. If your father's name is on the property, then he will have to include the property as his asset and it could be sold off to pay off his debts.
Thanks
So, to be on the safe side ask your dad to buy the property in your mother's name. This way, if your father files for bankruptcy at a later, then your mother's property wont be in jeopardy.
The above post has been answered by Arthur Adams.