#2 What If My Spouse’s Assets Are Separate – Must They Be Disclosed?

23 Nov #2 What If My Spouse’s Assets Are Separate – Must They Be Disclosed?

#2 What If My Spouse’s Assets Are Separate – Must They Be Disclosed?

2913905_blog-200x300This continues the series “I’m Filing, My Spouse Isn’t-What Happens?” The series is introduced here.

“Separate property” has a legal meaning, at least in a community property state such as New Mexico where I practice. It is basically property that is owned and controlled solely by one spouse, such as a house that was owned before marriage.  However, I also do family law and commonly see regular people (not lawyers) misunderstand and misapply the term and its implications in their own marriage. In a bankruptcy filing, you are permitted to have reached your own conclusion as to whether property is separate or not, but if you don’t disclose it, it can’t be investigated and possibly disputed.  Hence the requirement of full disclosure of all property of the non-filing spouse.

Earlier posts in this series are #1 Must the Non-Filing Spouse’s Information Be Disclosed?

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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