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The perils of using quickie ‘divorces’ to escape debt
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The gambit involves couples filing for divorce before any bankruptcy action so that they can move all their assets to the spouse who is not being sued by creditors.
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SINGAPORE – Till debt do us part may sound like a parody of the marriage vow, but some couples appear to like using this ploy to prevent creditors from getting hold of their assets.
The gambit involves couples filing for divorce before any bankruptcy action so that they can move all their assets to the spouse who is not being sued by creditors. Such couples foolishly believe this can stop their riches from being seized when, in reality, their creditors can unwind any transactions that are tainted by deceit.
