Bankruptcy After Divorce in a Community Property State

If you live in a community property state, bankruptcy laws allow the debts of your former spouse to be viewed as debt that belongs to you. There are several ways that these bankruptcy laws can affect you if your former spouse files for bankruptcy after your divorce.

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What is marital property?

Marital property, also called the “marital estate,” is property acquired by a husband and wife during a marriage. It is distinct from individual property (property acquired before the marriage) that belongs to one spouse but not the other. The concept of marital property becomes key when two parties must separate assets in a divorce.

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How New York Divorces Work

The process of obtaining a divorce is different in every state. New York, in particular, is a bit complicated as it’s the only state which does not have a true no-fault divorce law. Elliot Schlissel, a New York Attorney whose practice area includes divorce, estate planning and many others explained how divorce is defined, how the process works and New York’s rather antiquated fault based system.

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