Quote Originally Posted by cra97 View Post
Ok, I hate to admit failure but I have suffered a HUGE setback in the last couple weeks. My wife, of 13 years, whom I have 4 children with decided she no longer wants to be married to me. I am not handling this real well mentally, or otherwise, but I need to know if any of you can provide advice on my situation. This WILL eventually bankrupt me, no way around it with all things considered. I will stay it off as long as I can, but it is inevitable. My question is this: How can I keep my boat in this process? I am technically a "Professional", since I am on a team, but will that be enough reason to be able to keep it? I am only asking here because I have no real "friends" in Louisville to turn to and I have heard a couple people mention going through these before. We are using mediation for the process and she does not want to boat, so that's not an issue. I am worried about when this thing sinks me, cause I have a loan on it and Chapter 11 (according to the one attorney I have spoken to in general terms) is going to be MY only route to come out ok on the other end. I understand about Ch. 13, but that will not work.
Would putting it in someone else's name and just paying for it work best, or is there some other way I may be overlooking? Thanks for any help anyone can be and if it cross's your mind PLEASE send a prayer up for my children that they may come out of this as well as possible. NOTHING is killing me more right now than the thought of what this is going to do to my 11, 8, 5, and 4 yr olds, even though I am biting the bullet and making this look as "clean" as possible in front of them.....at least for their sake I NEED to do that much.

Thanks,

Rob

PS. Anyone know a good BR attorney in the Louisville area, one I can TRUST?
It is not illegal to sell your boat at fair market value (to a friend if you want to). Any profit that you get from the boat would be considered a shared property in the marraige though and she has the right to 50% or an agreed portion.. If there is no profit then it doesn't make a difference. If you make a deal with a friend to buy the boat and let you use it, then that is perfectly legal. Should you file bankruptcy down the line you no longer have a debt or the collateral to back up that debt in your possesion. However it is best that your wife agree to the sale before the divorce. She can make the claim that you sold that shared asset to avoid paying her, her share. Judges frown on people trying to get over on the system and smile at those the continue to generously support the children.