Family Law Questions? Ask a Family Lawyer Online.
Good morning Goldie, I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. In a word, no, unfortunately there is not a way to hide assets from the IRS and from a spouse in a divorce---at least not a legal way. The IRS has access to everything you own to collect outstanding personal taxed owed. While property held by a corporation is not generally subject to seizure for personal taxes owed---your stock/ownership percentage in the corporation can be, and anything to place into the corporation, LLC Trust, etc., while owing an unpaid tax liability to the IRS can be seized because the IRS will show that the transfer to the corporation was made with the intent to defraud a creditor.. Likewise, all income and assets acquired during a marriage are marital property---regardless of where you put those assets. The only things not considered marital property are inheritances and gifts from third parties to you alone. I wish you the best in 2013. I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so. You may reply back to me using the Reply to Expert link if you have additional questions. Kindly take a moment to rate my service to you based on the understanding of the law I provided. Please understand that I have no control over the how the law impacts your particular situation. Thank you, Doug
Can the property be sold, which would put me in a position of having no assets?
Can I file for bankrupcy for the property settlement?
Good morning Goldie, Of course a property can be sold. However, if the property is sold for fair market value, unless it has no equity, there would presumably be some amount of profit. But if you were to spend the profit and little if nothing to show for the purchases, then that would deplete the assets. It is not possible to bankrupt out of a court order of distribution of assets, or out of a court order to pay either child support or spousal support. The bankruptcy laws specifically exempt these things from being discharged in bankruptcy, as a matter of public policy.
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Have a good weekend,
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