Divorce is the second leading cause of bankruptcy. One man skipped court and lost everything to his ex. The strategy: put all debt in one spouse's name, hold assets jointly, and use tenancy-by-the-entirety rules in states like Florida to shield property from creditors.
Number 2 reason for bankruptcy filing is divorce. So just be careful who you marry. You gotta marry the right person.
I just saw a story the other day, we actually posted it, of a guy who said his ex convinced him to not come to court during their divorce and she took everything. He said he believed her. Oh yeah, I believe she's like, I got this, it's gonna be easy, you don't need to show up. And then they gave everything to her.
Done. Oh yeah, it happens a lot and I see the aftermath of it. Unfortunately, I see sometimes too in the middle because obviously financial issues lead to divorce. Unfortunately, just stress in general, I think, can lead to stress on the, stress on the relationship. So I see it happen from the beginning where, you know, people are coming in, they're already stressed, and then they end up going through divorce. But I also see the other side once they go through bankruptcy, and it could be one of the individuals. And I do highly recommend that if you are a couple, all of the debt is in one person's name and the assets can be in joint name, because I think that's a fantastic estate planning strategy and asset protection strategy, especially in states like Florida where assets owned jointly are exempt by tenancy by entireties if you own them jointly with your spouse. So you need a joint creditor to break that. So it's a great asset protection strategy.
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