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Category: Bankruptcy Law
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It is my understanding that.. In a divorce, the debts and

Resolved Question:

It is my understanding that..

In a divorce, the debts and assets are generally divided equally between the parties at trial (depending of course on the discretion of the judge and his treatment of any testimony or evidence).

My question:

Lets say that one side (Plaintiff) has assets of 40k, where the other ( Respondent) has LIABILITIES of $20k, the division (generally speaking) is that 20k would go to the Respondent, and perhaps another 10k ( as the plaintiff's share of the liabilities)

am I correct?

And, is it possible for the Plaintiff in this case, bypass those obligations by filing bankruptcy?

thanks and all the best.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  lucy7368 replied 4 years ago.

My name is XXXXX XXXXX I'd be happy to answer your questions today.

You are correct that each spouse would generally get 1/2 of the total assets, and each spouse would generally get 1/2 of the total debts. In your scenario, the Plaintiff could accept the $10k of debt and pay it directly, rather than giving additional monies to the Respondent. Bankruptcy would not, however, stop the division of marital assets, and a spouse cannot discharge an obligation to pay another spouse in bankruptcy.

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