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Background H & W are residents of the State of Nevada - Married

Resolved Question:

Background:
H & W are residents of the State of Nevada - Married 10 + years now considering divorce.

Family Residence is worth $380,000 w/ $425,000 Mortgages.

H inherited $110,000 IRA from deceased Mother and unencumbered Real property in OK about $150,000.

During Marriage H acquired Life Insurance having a cash value of $55,000 and incurred CC debt under his name alone w $15,000 existing balance.

During Marriage W (a bit of a spendthrift) incurred CC debt under her name alone w $65,000 existing balance.

Nevada Law permits a divorce based on contractual agreement approved by the court (no kids).

Question #1: If H/W declare BK (Chapter 7) prior to divorce will any of H's separate property (Life Insurance Cash Value, Inherited IRA & OK property be exempt or outside the BK proceeding?

Question #2: Will Nevada divorce laws that permit a contractual agreement between the parties to separate thir respective assets and liabilities, or any other Nevada Statutes that protect some or any of its resident's assets in a BK apply to H's assets if W only goes BK after the divorce or will the fact that NV is a community property state negate any separate liability of W for CC balances applied for and incurred by W acting on her own?

Question #3: Please identify what would be left if BK is filed following the divorce and who will retain joint and separate property rights in anything left after BK.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi georgeh,

1) The IRA and insurance cash value are exempt, but not the property in Oklahoma.

2) Are you asking if the Bankruptcy court will honor the divorce agreement promulgated by H and W?

3) The IRA and insurance cash value will be left. The Bankruptcy will not affect the ownership - as determined by the divorce agreement - of these assets.

Customer: replied 3 years ago.

Thanks for #1 and 3, it supports our original interpretation.

 

Here's the exercise: H & W have supported her spendthrift habits for years - therefore the 1st and 2nd Mortgage in excess of market value for the residence.

 

#2 question is to determine whether the farm in OK would be preserved for H if the BK court honors the divorce agreement separating the separate property and liability interests of the parties, give the Community Property Laws of NV.

 

Thanks for your response

Expert:  cfortunato replied 3 years ago.

If the farm is separate property - inherited by the husband during the marriage - that property will not be affected if W alone files a Bankruptcy - either during the marriage or after a divorce.

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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