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.