planning advice

Get financial advice on divorce and asset division including child support laws, legal separation advice and divorce settlements.

planning advice

Postby Rolling Thunder » Wed Jan 25, 2012 2:55 pm

Curious on how this would play out as I plan and prepare...

currently have

~18K in loans, all in my name.
~11k for car I drive
~11k for car she drives

~40k in student loans, all hers and in her name.

~240K in house, worth maybe 200K in todays market, in my name, though I think she's on the deed..

Her teacher pension, though I'm not sure where that's at.
I have 401k around 70K.

2 kids, MN.

I'd request primary with fall back to 50/50.

I'd take the 18K loans and 11K for car.
She takes 11k car, 40k student loans.

I suggest keeping my 401k and she keeps her teacher pension untouched be either.
split house. neither of us could afford it on our own. I'm also not opposed to letting it foreclose
and pay down my other debts as quick as I could while not paying mortgage.

Current both employed at about equal incomes, though I work second job to make ends meet.

Thoughts?
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Re: planning advice

Postby defaultuser » Wed Jan 25, 2012 3:06 pm

Here's my take:

You each keep your car and pay the loan on your car. She pays hers.

18k in loans are split 9k each. (If they were made after the marriage)

40k in student loans go to her. This is not a marital asset.

Someone gets to keep the house. The other person would have to pay 20k in debt for their part. If you wanted to stay in the house, then you may consider just keeping it and forgive the 20k she would owe you on it. Other option is to sell... Living together in it would be a very bad idea.

You get half her pension at todays present value. She gets half your 401k. If her pension is about the same value right now, you may consider settling on everyone keeping their own retirement monies.

If you get primary, she'd owe you CS. It appears that you are in a much better position than she is, considering the student loans and the house being in her name. What about the mortgage?
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Re: planning advice

Postby aero_8 » Wed Jan 25, 2012 4:25 pm

Keep the house, and forgive the 20k she'd owe you for it in exchange for her assuming the debt on your car.

It's not realistic, but I'd offer it anyway's.
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Re: planning advice

Postby CCR » Wed Jan 25, 2012 5:56 pm

I've posted this before, but don't settle for less than 45.1/54.9% with a custody split in MN.

In MN, child support changes at 45.1%. As an example, if you each made $60K, if you had 45% custody, support would be $1035/month. At 45.1%, it's $0 (taken from the official MN online CS calculator; I just plugged in the numbers).

Expect her attorney to offer 45% if the 2 of you are in agreement with sharing custody....and the above explains why.

Also, it must state these percentages in the decree, as that is what CSE will go by. If your decree says you have them 40%, but you have them 60%, too bad. You pay CS based on the 40%.
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Re: planning advice

Postby jumbledone » Wed Jan 25, 2012 6:22 pm

^ccr^

Which is exactly what I think STBXNJ is thinking for me. However, if I get 55/45, I can stay in my house and give the kids a stable home. She won't be able to afford it even if I pay her CS. Sucks to be her. Heck, even if I have the joint 50/50, I can afford a small place of my own, should I be able to get out of the underwater home. I will actually have more $$ once divorced, which sounds really weird, but if we're sitting costs for childcare, etc., I might just be thanking her after all of this!!! lol

(Although I would prefer to reconcile, since our relationship, from my perspective, wasn't unsalvageable. Because that is what is truly best for the kiddos. But there's the most likely Mr. W affecting things, which if confirmed, would make me hold her over a barrel to get everything I want.)
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