Third Parties such as Banks and Creditors becoming involved in a Property Settlement
Third parties including banks and other creditors are able to become a party to a property settlement dispute between couples. A Bank or a creditor might want to become involved in a property settlement to protect their own financial interest.
The main circumstances in which a third party may become involved in the property settlement of a couple are:
- To restrain a spouse from taking certain action that may defeat or affect the other spouse’s entitlements.
- To stop a bank or financial institution selling a property owned by one or both of the parties.
- If a third party is owed money by the couple (or one of them).
- An asset legally owned by a third party should be the property of either the couple or one of them.
- One spouse seeks to have the Court set aside a transaction which occurred to defeat a Court Order.
- To adjust the rights of a Creditor of one or both of the parties.
- To Order a third party to assist in the carrying out the property settlement of the parties.
- If there are insufficient assets in the property pool to carry out the property division without including assets (part of the pool) held by a third party.
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Michelle Beatty, Senior Lawyer
Other Questions answered in the Property Settlement Section
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