Property/Land

[spalix]

How do I remove my name from my wife's property/land deed so it is not at risk in my financial actions

[Ethel]

Is there a mortgage?

You are aware that what you intend would be considered to be deliberately disposing of your assets and that they could still be claimed?

[Eve]

Is there any chance of you making yourself or being made bankrupt in the next 6 years?

If so then if the receiver deems that you removed yourself from the transfer in an attempt to defraud creditors (eg if you had not done it the receiver could have got some money from the land to pay creditors who could not be paid because you removed yourself) then they can have the transfer set aside under the Insolvency Act.

There are ways you can transfer the property, however, unless there is a court order involved or you are paying her full maket value and paying off any creditors I'd say your criteria are unlikely to pass.

If you are thinking of doing something financially risky which may mean you are at risk of being made bankrupt in the next 6 years I'd apply the same criteria. Remember it's only a debt of �750.00 which is needed by a creditor to apply for bankruptcy.

The main law is s.342(2A) of the Insolvency Act 1986.

There is a presumption of good faith where a person has acquired an interest in property from a person other than the individual in question (ie if the property was transferred and your wife sold on), or has received a benefit from the transaction or preference (ie any money was used to pay a creditor you wanted rather than who should have been paid), and had at the time of that acquisition or receipt-

a. notice of the relevant surrounding circumstances and of the relevant proceedings, or (If your wife knows - or should have - the circumstances)

b. was an associate of, or was connected with, either the individual in question or the person with whom that individual entered into the transaction or to whom that individual gave the preference (comment as above).

then unless the contrary is shown, it shall be presumed for the purposes of paragraph (a) or (as the case may be) paragraph (b) of sub-section (2) that the interest was acquired

[Eve]

or the benefit was received otherwise than in good faith.