News of the split has been public for months, fueled at first by reports in early 2009 that Steve Wynn was dating a younger British woman. The details of their split were later spelled out in a series of company filings that reveal the intricacies of divvying up a fortune worth nearly $4 billion at its height. A January 5th SEC filing shows Elaine P. Wynn, a director at Wynn Resorts since 2002, receiving 11,076,708 shares of the casino company in connection with the couple’s divorce settlement.

Those shares, once held as “community property,” are worth $795 million at the company’s current share price of $72, adding to the $114 million the Wynns realized from stock sales in mid-August.

Some, if not all, of that $114 million will go to Elaine, judging by an August press release, which says the shares “were sold to provide liquidity in anticipation of the change in their marital status.” That pile of dough would leave her with a net worth that approaches $1 billion.

You may not have billions of dollars at stake, but a divorce can wreak havoc on your finances. You need an experienced Knoxville divorce lawyer on your side. Call us today to set up a free consultation with an attorney.

What Happens to Property if My Spouse Files Bankruptcy?

When a spouse decides to file bankruptcy, all property acquired during the marriage becomes a part of the bankruptcy estate.

That property may be sold by the bankruptcy court in order to repay debts, depending on which type of personal bankruptcy is filed (Chapter 7 or 13).

But don’t panic—in many bankruptcy cases, most property is considered exempt and the debtor gets to keep all or most of his or her assets.

In any case, you and you’re spouse’s property may not be divided by the divorce court until the bankruptcy trustee decides whether the property is exempt.

Bankruptcy & the Automatic Stay: Could it Help Me?

When a person files bankruptcy, they receive the protection of the bankruptcy automatic stay, which is a legal order that prohibits creditors from trying to collect on most types of debt.

Do you need help from the divorce lawyers Knoxville trusts? Call us today for a free consultation with an experienced and qualified attorney.

Are you struggling with bankruptcy? You can speak to a Knoxville bankruptcy attorney at no charge and with no obligation. Simply call us today to set up an appointment.