Account Information Question

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Account Information Question

Postby Coltsfan » Wed Mar 07, 2012 11:28 am

Thanks in advance for your help. I am getting ready to file for divorce and have a few questions. My state is Indiana:

1. I have some money in my savings, should I take it out prior to filing to be used for paying my lawyer and ensuring I have some money to fall back on? Does it matter in Indiana if I do that will I be responsible for giving her half of it? Will I be required to show what I did with it?

2. We have some credit cards in our name and a few in my name and she has a few in her name as well. We also have some car loans in both names. Should I pay some of the cards in both of our names off and pay the ones in my name off prior to filing? Should I not pay the ones in her name?

3. I have a daughter in college which stays at home (21) years old and a 16 year old which states she wants to live with me as well as her and my wife do not get along. The 21 year old will probably go stay with my wife. Do I have a chance of my 16 yr old staying with me?

4. The house is only in my name for 12 years and my wife has lived there all along. I want to keep the house and support my daughter.

Thoughts

Thanks
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Re: Account Information Question

Postby jumbledone » Wed Mar 07, 2012 11:38 am

I am actually working on informal discovery requests from STBX's counsel (literally right now). I am pulling up statements of all things up to a year ago, so depending upon your time horizon, you may be required to disclose any movement of monies. I figure if I don't do this, it will be compelled at some point.
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Re: Account Information Question

Postby Coltsfan » Wed Mar 07, 2012 11:52 am

jumbledone wrote:I am actually working on informal discovery requests from STBX's counsel (literally right now). I am pulling up statements of all things up to a year ago, so depending upon your time horizon, you may be required to disclose any movement of monies. I figure if I don't do this, it will be compelled at some point.


Sorry for my ignorance but what is STBX? I think it may depend on the state regulations, but I will say this about 5 years ago we were contemplating divorce and she removed all of our bank savings leaving a zero balance and a friend of mine said his lawyer told him when his ex did the same thing prior to filing that there was nothing he could do...
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Re: Account Information Question

Postby hoosier_dad » Wed Mar 07, 2012 11:54 am

First thing to keep in mind in Indiana case law is that attorney fees are awarded based on who can pay and not necessarily what is fair. Taking marital funds and using it to pay your legal bills is a pretty good way to get awarded your STBX's attorney fees as well. Along with that you don't want to go into court looking like a rose financially with no credit card debt etc. Judge looks at poor STBX struggling to get by and you with paid off credit cards and who do you think the judge might assign attorney fees to?

If your 16 yr old wants to live with you primarily and is willing to voice that wish then it will most likely happen. Indiana child custody laws do take into account the child's wishes and gives more weight to those that are 14yrs and older. This dovetails nicely into you keeping the house as well.
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Re: Account Information Question

Postby Here_We_Go » Wed Mar 07, 2012 11:59 am

I talked to my lawyer yesterday about taking out money from accounts in my name only and our name she said do not do it because it looks bad (e.g. trying to hide marital assets). If STBX (soon to be ex) does it she will look bad.
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Re: Account Information Question

Postby Coltsfan » Wed Mar 07, 2012 12:07 pm

hoosier_dad wrote:First thing to keep in mind in Indiana case law is that attorney fees are awarded based on who can pay and not necessarily what is fair. Taking marital funds and using it to pay your legal bills is a pretty good way to get awarded your STBX's attorney fees as well. Along with that you don't want to go into court looking like a rose financially with no credit card debt etc. Judge looks at poor STBX struggling to get by and you with paid off credit cards and who do you think the judge might assign attorney fees to?

If your 16 yr old wants to live with you primarily and is willing to voice that wish then it will most likely happen. Indiana child custody laws do take into account the child's wishes and gives more weight to those that are 14yrs and older. This dovetails nicely into you keeping the house as well.


Thanks for the quick reply, I didnt mention that I also paid on a credit card in only her name as well. I guess I should have given a little more details. I get a decent bonus every year and we were planning on paying credit off like usual. I was thinking of paying off a few of them that are in both names and a few that are in my name and those few in my name only, would equal about the same as the one I paid in her name. I guess my thoughts are try to pay off some of the credit cards as for the debt there is still plenty left in loans ect so I dont think I will come out looking like a rose lol.

I have been told by numerous people that in Indiana it doesnt matter what you do before filing as some people run up there credit prior to filing and both parties were responsible to pay it off (something I wouldnt do).
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Re: Account Information Question

Postby hoosier_dad » Wed Mar 07, 2012 12:11 pm

Here_We_Go wrote:I talked to my lawyer yesterday about taking out money from accounts in my name only and our name she said do not do it because it looks bad (e.g. trying to hide marital assets). If STBX (soon to be ex) does it she will look bad.


It's not really the moving of assets to protect them that is the issue, it's using them for things like paying your attorney that could get you in trouble. Not recommending this for everyone, but I removed 100% of the marital funds into an account I controlled. The money was not touched in any way until our settlement and did not impact my case negatively. Some judges would hammer you if you took more than 50%, but in my case since I could show that the money was not touched the judge didn't even consider it an issue.

This is one of those items that can vary widely state to state and judge to judge, but I'm betting most will hammer you pretty hard if you pull out the marital funds and use them to pay your attorney.
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Re: Account Information Question

Postby Coltsfan » Wed Mar 07, 2012 12:19 pm

hoosier_dad wrote:
Here_We_Go wrote:I talked to my lawyer yesterday about taking out money from accounts in my name only and our name she said do not do it because it looks bad (e.g. trying to hide marital assets). If STBX (soon to be ex) does it she will look bad.


It's not really the moving of assets to protect them that is the issue, it's using them for things like paying your attorney that could get you in trouble. Not recommending this for everyone, but I removed 100% of the marital funds into an account I controlled. The money was not touched in any way until our settlement and did not impact my case negatively. Some judges would hammer you if you took more than 50%, but in my case since I could show that the money was not touched the judge didn't even consider it an issue.

This is one of those items that can vary widely state to state and judge to judge, but I'm betting most will hammer you pretty hard if you pull out the marital funds and use them to pay your attorney.


I am a little confused now. I am going to file for a divorce and need to pay for that , how can I pay for it unless I use marital funds that is in our account? Also if paying off debt that we owe before I ever even file for a divorce not sure how that would matter? If it was after I filed than I could see it showing an issue but I could be wrong!!
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Re: Account Information Question

Postby hoosier_dad » Wed Mar 07, 2012 12:24 pm

Do both you and your wife work full time? If so what are the earnings differences?
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Re: Account Information Question

Postby Coltsfan » Wed Mar 07, 2012 12:30 pm

hoosier_dad wrote:Do both you and your wife work full time? If so what are the earnings differences?

Yes we both work full time I make quite a bit more than her if including overtime probably make 2-3 times what she does
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