Legal Question in Family Law in California
friend is in the tail end of a messy divorce. He and his ex both filed Ch7 bankruptcy after their house foreclosed and are in the final stages of dividing the debt/assets as 50/50 for everything (final papers not yet signed). He just heard the company he's been with for 15yrs is being bought out for cash at 2X the stock value. At 15yrs we are talking about 300K, so obviously the ex will be wanting her half. With her history of throwing away money and using it for less than productive things, he's hoping there is a way around this undeserved payday it seems like she's in for. So I guess my question is 1. Is there any way the bankruptcy could be appealed and debtors come back after him to take it? 2. Can papers be re-written that she only get half the stock at original value? Any options?
1 Answer from Attorneys
If he has stock, it belongs to the bankruptcy estate, not him or her. If he failed to schedule it, he is in big trouble. He needs to talk to his bankruptcy attorney immediately.
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