My spouse refused to sign separation agreement last year , and now it has been a year since we have lived apart with no intention on reconciling. Spouse is refusing property division terms, and I will need to file equitable distribution for my interest in the marital estate.
It is my understanding that my spouse has recently obtained legal charges and also lost his job creating concern that he will file bankruptcy.
If spouse falls bankruptcy, how will this interfere with
1- equitable distribution
2-My financial standing- (does it Obligate me to repay debts in only his name/mortgage that is in both of our names since ? Will it affect my credit?)
Thank you for your help
You will need to file a court action for equitable distribution if your spouse refuses to reach a settlement outside of court.
If bankruptcy is not pending or it has been discharged, then you can file a claim for equitable distribution. If your spouse has an active bankruptcy case, then you will either need to wait to file the equitable distribution until after bankruptcy has been discharged or, in some cases, petition the bankruptcy court to lift the automatic stay.
The bankruptcy will not affect equitable distribution other than if certain debts are discharged, then they are no longer part of the final equitable distribution outcome.
Bankruptcy will not require you to pay debts in his name and it will not affect your credit assuming your spouse is the only one listed in the bankruptcy.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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