This bill amends the Code of West Virginia to allow a surviving spouse to claim the homestead exemption of a deceased spouse, provided that the home they jointly owned is now owned by the surviving spouse. Specifically, it modifies the existing law under section 38-10-4 regarding exemptions of property in bankruptcy proceedings. The new provision states that if the debtor was a joint owner or tenant in common of the residence with a deceased spouse at the time of the spouse's death, the debtor's interest exempted under this subdivision may exceed the standard limit of $35,000 and may reach up to $70,000 per household.

Additionally, the bill introduces a new exemption for payments made by governmental entities to subsidize the adoption of a minor child. This amendment aims to enhance the financial protections available to individuals undergoing bankruptcy proceedings, particularly in the context of family law and the loss of a spouse. Overall, the bill seeks to provide greater financial security for surviving spouses during challenging times.

Statutes affected:
Introduced Version: 38-10-4