Protection of spousal assets
My four years ago my spouse received a large monetary gift to put toward the purchase of our home. In order to protect her interest in the event that we split up, I signed an legal agreement similar to a pre-nuptual agreement recognising the money as being hers alone. This money now makes up the majority of the equity in our home. Is it protected if I declare personal bankruptcy?
Posted from: British Columbia
If you have signed a legally binding agreement that was properly drawn up at the time of the purchase of the home and the majority of the equity in the property can be directly traced back to the receipt of monies that were given directly to your spouse, then you shouldn’t have any major issues when filing for bankruptcy. I would suggest that you contact a local trustee directly, and make sure you bring with you documentation that verifies all of this and there shouldn’t be much difficulty.