Thursday, May 10, 2007

So, Payback Really is a ...

You've come a long way, baby:

As well as claiming a share of their ex-husbands' riches, divorced wives could in future be landed with their debts.

A landmark High Court ruling yesterday slammed shut a loophole that helped thousands avoid the claims of their ex-spouse's creditors.

It means that the former wife - or husband - of someone who has gone bankrupt can be chased by creditors for the property and cash they took from the marriage for up to five years after their divorce.

....The ruling will put a question mark over the property of wives or husbands of the 120,000 who go bankrupt each year.

One in five of these couples - or 25,000 - is likely to have contested divorces.

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