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Bankruptcy in middle of divorce settlement

I have proposed divorce settlement to my wife, while she was bankrupt (but not yet discharged). She did not accept the offer. Does she have to report this monetary offer to the trustee? Should she wait until she is discharged before accepting the settlement?

Posted from: Ontario

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One Response to “Bankruptcy in middle of divorce settlement”

A licensed trustee said...

Family law and bankruptcy law often run into each other (1/3 of all bankruptcies in Canada are as a result of marital breakdowns).

Since the bankruptcy is already in place, an offer to equalize assets should be made directly to your ex’s trustee, not your ex. Any settlements for support can go straight to your ex, but the trustee should also receive a copy.

Likely if your ex’s trustee knows a settlement is out there, your ex’s bankruptcy will be held up until the settlement has been finalized (just to make sure she isn’t deliberately dragging it out so that the money comes in after her bankruptcy…).