10 Aug Bankruptcy And Separation Or Divorce !
Let’s face it, Bankruptcy and Divorce go hand in hand. As a Bankruptcy Attorney, at least once a week I meet with either a husband or wife after the divorce has taken place. When married couples separate and consider divorce, many issues need to be decided, the most important issues deal with the children, if any. But aside from the obvious, the second most important issue in my opinion, is the financial one.
Couples really need to put aside the emotions and be honest with each other. I know that is easier said than done. But, if done correctly, a couple that is divorcing can really help each other. Divorce attorneys should advise their clients about the potential challenges ahead. Bankruptcy Attorney, Johnathan Alper’s recently wrote an excellent blog about exemption planning in Florida that changed the idea for this article. Mr. Alper provided excellent advice to a client about how best to protect marital assets prior to the final decree of divorce.
I see too many bankruptcy attorneys missing the Tenancy by the Entireties exemption. A person can file bankruptcy by themselves even if they are married, and if they are still legally married, they are entitled to claim property as exempt pursuant to the tenancy by the entireties exemption. As a matter of fact, this lack of exemption planning is caused by a lack of understanding of the law. Ask your attorney, is there any way possible to exempt more of my property?
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