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Do I payoff debt before I file ?

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T

tc45tx

Junior Member
What is the name of your state? Texas

Have been married 27 years. We have 3 Kids. 18 year old, 14 year old, and 8 year old. Wife says she is going to leave (has not yet) - but said we can not work out differances.

To file for divorce, is there a waiting period ?

Our home is paid for. But we have aquired seveal thousand dollars in credit card debt. Should I go into 401K account and payoff this debt, before she does leave ?

The kids have savings accounts and several CD's with the add/or clauses on them. Are these safe after I/she has filed. (For the kids, not me)

She has not worked in 26 years. Does this mean I will have to pay alimoney, even if she leaves the kids ?

Anything else I should should do in preperation if/when she does leave ?
 


D

djohnson

Senior Member
Chances are you will have to pay alimony. Child support can be obtained by whoever gets custody. Your 401k and retirement, she will likely get a portion of. The kids savings accounts if set up as and/or with either parent, can be withdrawn from by her. I wouldn't go ahead and pay off the debt, but that is your choice.
 
LdiJ

LdiJ

Senior Member
tc45tx said:
What is the name of your state? Texas

Have been married 27 years. We have 3 Kids. 18 year old, 14 year old, and 8 year old. Wife says she is going to leave (has not yet) - but said we can not work out differances.

To file for divorce, is there a waiting period ?

Our home is paid for. But we have aquired seveal thousand dollars in credit card debt. Should I go into 401K account and payoff this debt, before she does leave ?

The kids have savings accounts and several CD's with the add/or clauses on them. Are these safe after I/she has filed. (For the kids, not me)

She has not worked in 26 years. Does this mean I will have to pay alimoney, even if she leaves the kids ?

Anything else I should should do in preperation if/when she does leave ?
Click to expand...
She is going to be entitled to 1/2 of the marital assets. That means 1/2 of the value of the home, 1/2 of the value of your 401K...and 1/2 of any other assets. She will also be responsible for 1/2 of the debt. However, I would really recommend that you keep all of the debt (in exchange for an extra share of the assets) so that you can ensure that the debt get paid and your credit doesn't get dinged.

Yes, you are also probably looking at alimony after a marriage of that length....even if the kids stay with you....specifically because she has not worked in 26 years.

If you honestly feel that she might take the children's money...then you should probably take steps to protect their money.
 
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