If you have need a best suitable service your Child Law experience, Final thoughts on Bankruptcy and a transition into discussing the sale of your home in a divorce with the great process!
Family Law Attorney Houston: When a bankruptcy is initiated after a divorce has already concluded a bankruptcy court will review the divorce decree and that may be all that they review from your divorce. The key points for the judge to decide will be the intent of your settlement in regard to property as well as the nature of the debt that had been shared by both you and your ex-spouse.
The judge needs to determine if a debt can be discharged (done away with) in bankruptcy. To make this decision a judge will look to the section of your divorce decree related to property. Whatever the nature of the obligation that you or your spouse took on to pay this debt will be judged. Depending on whether the payment of the debt is more or less to provide support for you or solely for the repayment of debt by your spouse, that obligation may be discharged in debt and not followed through with as agreed to in your divorce decree.
To try to be as clear as possible, during your divorce it is always wiser to get a clear commitment from your spouse to pay you spousal maintenance if that is what you believe is necessary. Allowing your spouse to argue that as an alternative to the payment of explicit spousal maintenance that he or she will pay a debt is a loss for you. As you can see from today and yesterday’s blog posts, it is possible that your ex-spouse’s obligation to pay a debt can be discharged by a bankruptcy court.
Wrapping it all up in regard to bankruptcy post-divorce
Houston Divorce Attorney: You and your attorney may have put a lot of time and effort into drawing up your final decree of divorce just the way you want it, but the fact is that a bankruptcy court does not have to abide by the labels that you all placed on certain assets, obligations or debts. A bankruptcy court should provide you with notice of your ex-spouse having filed a suit because you are a creditor of him or her. In the event that this happens to you it is necessary that you contact a bankruptcy attorney to assist you further in making sure that your rights are protected.
The future of your family home in the event of a divorce
Your marital home is likely the largest investment that you and your spouse have ever made. Not only does the home represent your financial commitment to one another but it also represents your having believed at one time or another that your bond would be one that lasts forever. Buying a home with another person is a huge commitment and one that befits two people who have taken vows to honor one another at all times moving forward.
As they relate to your home, questions regarding the value of the home, the amount left on the mortgage to the home as well as whether or not you or your spouse can afford to make the payments on your own are what you need to examine if you are involved in a divorce where the future of the family home is at issue.
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