What is the name of your state? CA
Factoids
Married for 7 years
There is no pre-nup
There are no kids
There is only one joint bank account (very new) and one joint store credit card (~3 years old)
Debt and money in the bank roughly comes to a wash
Things are not going well between the two of us for quite some time
I saw an email I was not supposed to see, in which she was telling her friend that she is keeping tab on my finances by snooping so that when she files for divorce, she will get every penny *she deserves*.
For all intents and purposes, she does not work or when she does, she contributes less than 10% to the family coffers
Questions
1. With the housing market downturn, if divorce happens and we have to get rid of the house, we will take a good 100K bath between the current market value and purchase amount. Even though we have purchased the while being married, she insisted to stay out of the deed and the mortgage. If we lose the 100K, this will be either a foreclosure or a short sale. In either case, there are some tax implications I suppose. Since I am the owner on the papers, am I going to take this income hit on my own, or will it be equally distributed among the community, i.e. me and her ?
2. I have withdrawn a bit of money from my savings to alleviate a situation on my part of the family. Bank acct is in my name but money comes in from my earnings which I am sure is considered a community property. If she files for divorce, is she entitled to half of the money I have withdrawn from this account ? If yes, under the circumstances, can I bring up expenses we have incurred in the past year or two just because of her ?
Thank you
Greg
Factoids
Married for 7 years
There is no pre-nup
There are no kids
There is only one joint bank account (very new) and one joint store credit card (~3 years old)
Debt and money in the bank roughly comes to a wash
Things are not going well between the two of us for quite some time
I saw an email I was not supposed to see, in which she was telling her friend that she is keeping tab on my finances by snooping so that when she files for divorce, she will get every penny *she deserves*.
For all intents and purposes, she does not work or when she does, she contributes less than 10% to the family coffers
Questions
1. With the housing market downturn, if divorce happens and we have to get rid of the house, we will take a good 100K bath between the current market value and purchase amount. Even though we have purchased the while being married, she insisted to stay out of the deed and the mortgage. If we lose the 100K, this will be either a foreclosure or a short sale. In either case, there are some tax implications I suppose. Since I am the owner on the papers, am I going to take this income hit on my own, or will it be equally distributed among the community, i.e. me and her ?
2. I have withdrawn a bit of money from my savings to alleviate a situation on my part of the family. Bank acct is in my name but money comes in from my earnings which I am sure is considered a community property. If she files for divorce, is she entitled to half of the money I have withdrawn from this account ? If yes, under the circumstances, can I bring up expenses we have incurred in the past year or two just because of her ?
Thank you
Greg