Agreeing on separation of finances

[MrBrightside]

The kids and I have been in out home for the last 8 months while the wife left to another state. We will be discussing the parting of finances and assets. What should be the minimum I should ask for to assure my kids and I are ok?

[CCR]

What do you mean by "ask for?"

Are you talking about child support?

If so, it's figured by state formula.

If you mean separation of assets, that's governed by state law.

Do you not have an attorney with exclusive use of the home and custody issues legally resolved?

[MrBrightside]

I meet with an attorney Next week. So assets are determined by the state? Couldn't spouses agree on what they wAnt and don't want instead of the usual 50-50?

[Fatheroffour]

As long as the two of you agree it doesn't reallyt matter what the court says.

[CCR]

Post details if you want a detailed answer.

[MrBrightside]

Details:
House
Money Market
TRS- teacher retirement funds
Two credit cards with debt
My student loan

[Trevor]

Home equity would likely be split, unless one of you had a pre-marital interest or a parent loaned/gifted part of the down payment to one of you.

Money Market fund and TRS would likely be split, unless one of you had a pre-marital interest. If so, any difference in value between marriage and divorce dates would be split (i.e., profit or loss).

Credit card debts, if joint, would be likely be split (be sure to close them to eliminate open-to-buy amounts if you fear her buying breast implants or a cruise with her lover).

Your student loan is yours alone.

[Vega]

Home equity would likely be split, unless one of you had a pre-marital interest or a parent loaned/gifted part of the down payment to one of you.

Money Market fund and TRS would likely be split, unless one of you had a pre-marital interest. If so, any difference in value between marriage and divorce dates would be split (i.e., profit or loss).

Credit card debts, if joint, would be likely be split (be sure to close them to eliminate open-to-buy amounts if you fear her buying breast implants or a cruise with her lover).

Your student loan is yours alone.

So a judge will order you to pay for your wifes education through alimony but you are responsible for your own student loan. I thought all debt was marital debt??

What if you have 5 credit cards maxed out but they are only in your name you used for the family... would you end up with all of them? Something seems a little off to me. My TSP is just in my name... so do I get all of that too? Just asking.

[Fatheroffour]

Varies with the state and will depend on the fine points of how the money was used.

http://www.dadsdivorce.com/articles/pro ... ision.html

http://www.divorcesource.com/research/d ... ar52.shtml

[Vega]

Varies with the state and will depend on the fine points of how the money was used.

http://www.dadsdivorce.com/articles/pro ... ision.html

http://www.divorcesource.com/research/d ... ar52.shtml

Great articles! So basically if the degree or loans were used to enhance the marriage standard of living it becomes marital property. Kind of like the credit debt. But if you receive your degree shortly before or after the divorce it only benefits your ability to obtain more property after the fact and the loans belong to you. But of course anything can be argued that it contributed to the marriage. Such as a set of golf clubs contributed to the stress reduction therefore contributing to the functionality of the marriage. I think it depends on the the judges interpretation and the details of the divorce as a whole.

It helped me understand it a little better when I googled "Comparing Equitable Distribution and Community Property for a Divorce"