Spouse and I are physically separated but legally married. We share custody of two minor children. She lives in a rented apartment and I remain in the house we purchased jointly - the house where my children spend the majority of their days and nights. She just informed me of her intent to file for bankruptcy due to delinquent credit card accounts (that exist in her name only). Does the fact that our two children reside in the house offer any type of homestead protection to the residence?
Depends on the equity in the house and how much you can protect with your exemption(s). Many more facts are needed to properly answer this question, but above us the short answer.
