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texcess
Guest
What is the name of your state? Tx
I am suppose to get married in 3 months and have just discovered my fiancee is getting audited on an old business he used to have. They are going back 5 years and he did not file tax returns for at least 3 of those years. He paid all his contract employee's cash and did not keep any reciepts so I expect it will turn out pretty bad. He does not have any assets except a home he has mortgaged with very little equity and a work truck. I am guessing but I expect anywhere betwen 25k to 75k he may end up owing them.
The original plan was to rent my home out (I have 40k in equity) and move into his.The only other current asset I have is a small amount in a retirement fund that I planned on continuing to contribute to. Besides the obvious (keeping seperate checking accounts and seperate tax returns) I need to get info on whether a pre-nuptial may be needed to protect any assest I/we may aquire together in the future and how exactly do I keep our money completely seperate when it will most likey take both incomes to pay our monthly household expenses.
I would appreciate any help, details or suggestions on how to handle this.
I am suppose to get married in 3 months and have just discovered my fiancee is getting audited on an old business he used to have. They are going back 5 years and he did not file tax returns for at least 3 of those years. He paid all his contract employee's cash and did not keep any reciepts so I expect it will turn out pretty bad. He does not have any assets except a home he has mortgaged with very little equity and a work truck. I am guessing but I expect anywhere betwen 25k to 75k he may end up owing them.
The original plan was to rent my home out (I have 40k in equity) and move into his.The only other current asset I have is a small amount in a retirement fund that I planned on continuing to contribute to. Besides the obvious (keeping seperate checking accounts and seperate tax returns) I need to get info on whether a pre-nuptial may be needed to protect any assest I/we may aquire together in the future and how exactly do I keep our money completely seperate when it will most likey take both incomes to pay our monthly household expenses.
I would appreciate any help, details or suggestions on how to handle this.