QUESTION
How do I protect my new assets after a divorce and can it be done?
Asked on Apr 30th, 2015 on Bankruptcy - Rhode Island
More details to this question:
My ex husband is filing for bankruptcy and we are going through a divorce. What are my liabilities and how can I protect my new separate personal assets? I have established new bank accounts in my name and transferred a vehicle title and insurance to my name as well. Are all of these now at risk?
11 ANSWERS
Meet with an experienced lawyer face to face. You will have to pay for the meeting, but you have too much to lose. No one can give you adequate advice with out asking lots and lots of questions. Good luck!
Answered on May 04th, 2015 at 4:41 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Assets you received through a divorce and assets you acquired after the divorce are not subject to the claims of his creditors. Unless you signed as a co-debtor.
Answered on May 04th, 2015 at 7:15 AM
Family Law Attorney serving West Bloomfield, MI
at
Law Offices of Eugene Lumberg and Eric S. Lumberg
Update Your Profile
If you are currently involved in the divorce, all property issues, including any bankruptcy concerns will be considered. Consult with an attorney in your area to review all financial issues and make sure you are protected.
Answered on May 01st, 2015 at 11:10 PM
This question is far too broad and fact specific to be answered in an online forum. I would need to look at the debt to determine what your liabilities are and see what your personal assets are to consider what options are available to protect them. The underlying problem with trying to solve this mess on your own is in the Uniform Fraudulent Transfers Act. Any steps you take to protect your property from creditors could be a criminal issue. And a divorce court is unlikely to be impressed by your efforts to help yourself step away from debts you legally owe. Proceed with caution.
Answered on May 01st, 2015 at 11:03 PM
Dispute Resolution Attorney serving Seattle, WA
at
Law Offices of Helene Ellenbogen P.S.
Update Your Profile
It depends on whether the debts were community debts and whether all the debt included in the bankruptcy was allocated to him in the divorce and on whether you have a hold harmless clause in the decree.
Answered on May 01st, 2015 at 11:02 PM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
Your assets are only at risk if you are liable on his debts or you had joint debts.
Answered on May 01st, 2015 at 10:57 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
First things first: you would be well advised to retain a lawyer experienced in both bankruptcy and divorce. (They are not all that rare: my office does a lot of both.) If you are still married at the time your spouse files his bankruptcy petition, and you are living in a marital property (= community property) State, then your marital assets are potentially available to your creditors through the bankruptcy trustee. This is so even if you transferred them away during the past several years. If you want to protect as much as possible of what you have, find a good lawyer very soon. Good Luck.
Answered on May 01st, 2015 at 10:54 PM
Child Custody Attorney serving Raleigh, NC
at
Palmé Law Firm, P.A.
Update Your Profile
As long as your "new" assets were not purchased with marital funds or were purchased after an equitable distribution order was entered, they are separate property and not eligible for distribution. If the "new" assets were purchased with marital funds, or are actually items that were owned during the marriage that you are merely in possession of, then you cannot protect them because they are not yours.they belong to the marital estate.
Answered on May 01st, 2015 at 10:26 AM
If there are outstanding loans on those items then, yes, they are at risk. You might want to contact an attorney who specializes in Bankruptcy law for some guidance. Good luck.
Answered on May 01st, 2015 at 7:45 AM
To answer this question, you really need to sit down with an experienced bankruptcy attorney to discuss the assets and when and how they were transferred. Be prepared to bring a copy of the proposed or entered judgment of divorce. In bankruptcy, the Trustee has the power to undo certain transfers, which can result in the loss/sale of assets.
Answered on May 01st, 2015 at 7:40 AM
Divorce & Separation Attorney serving Menasha, WI
at
Petit & Dommershausen, S.C.
Update Your Profile
Yes, until the divorce is final all assets are marital.
Answered on May 01st, 2015 at 7:00 AM