marital property

[nikkilynt33]

What is the name of your state (only U.S. law)? MO

have a question, my bro and SIL are going through a divorce. she served him papers a couple of weeks ago listing their house as marital property with equity of $30K. But if SIL is in Chapter 13 bankruptcy, any equity goes to the BK courts, right? and supposedly she hasn't paid a house payment in 2 months (mortgage in her name only, title in both names), and is letting the house go into foreclosure...would they even get the equity in a foreclosure?

she also listed a vehicle in the divorce as marital property, also valued at $30K. problem is, 2 years ago when she filed the BK, she told the attorney AND the BK judge that the car was worth less than $5000. can't she get in trouble for lying? I probably should ask this in BK forum...

 

[mistoffolees]

If the home is going into foreclosure, there is probably no equity to split.

The vehicle will be valued at its actual value. If both parties can agree on a value, the court will accept that. If the parties can not agree, the court will accept whichever one has the better documentation - or order an appraisal.

She can get in trouble for filing false statements. However, it is probably not worth the trouble. Rather, your brother will use her statements to discredit her statements - and likely get most of what he asks for in terms of property valuation (within reason).