What is the name of your state (only U.S. law)? CA
It was a great long weekend and we decided to get a divorce. Doesn't it make you feel wonderful ?
We are married for 8 years and looks like it won't be 9. My spouse is self employed and makes much less money than I do. I pay for the major stuff out of my paycheck like mortgage and my spouse pays for utilities and groceries in general, yet sometimes can not make the ends meet and asks me for more money. No problems so far. Our bank accounts are separate. I have a secondary account that I automatically deposit a part of my pay check as a rainy day fund. My spouse knows about it. It has some significant amount of money as I was trying to build up a 6 months worth of mortgage payments in the savings. In this job market, no one can be too careful.
California is a community property state I know and my spouse is entitled to half of anything I have and vice-versa. Please correct me if I am wrong. While we were arguing (rather fighting) which brought us to the divorce decision, my spouse brought up moving out but since the finances are tight that way, wants half the money in the rainy day fund account. Problem is, I am going to be left with the house (which is under my name and at the time of purchase, with a signed a release so that I can get the mortgage under my name only) and the house is about 100K under water, thinking about loan-to-market value of the property.
I really do not want to hand the money out, up front. If need be, I can write the deposit check to the landlord since my spouse does not have any spare funds or very little. Other than that, I want to wait for the results of the divorce settlement.
Am I reasonable or way out of my mind and fork the money over ?
As a bonus question: when does the division of assets take place ? At the time of legal separation or at the time when the divorce is final ? I meant the value of assets and sums of bank accounts and such.
Thank you for your answers
It was a great long weekend and we decided to get a divorce. Doesn't it make you feel wonderful ?
We are married for 8 years and looks like it won't be 9. My spouse is self employed and makes much less money than I do. I pay for the major stuff out of my paycheck like mortgage and my spouse pays for utilities and groceries in general, yet sometimes can not make the ends meet and asks me for more money. No problems so far. Our bank accounts are separate. I have a secondary account that I automatically deposit a part of my pay check as a rainy day fund. My spouse knows about it. It has some significant amount of money as I was trying to build up a 6 months worth of mortgage payments in the savings. In this job market, no one can be too careful.
California is a community property state I know and my spouse is entitled to half of anything I have and vice-versa. Please correct me if I am wrong. While we were arguing (rather fighting) which brought us to the divorce decision, my spouse brought up moving out but since the finances are tight that way, wants half the money in the rainy day fund account. Problem is, I am going to be left with the house (which is under my name and at the time of purchase, with a signed a release so that I can get the mortgage under my name only) and the house is about 100K under water, thinking about loan-to-market value of the property.
I really do not want to hand the money out, up front. If need be, I can write the deposit check to the landlord since my spouse does not have any spare funds or very little. Other than that, I want to wait for the results of the divorce settlement.
Am I reasonable or way out of my mind and fork the money over ?
As a bonus question: when does the division of assets take place ? At the time of legal separation or at the time when the divorce is final ? I meant the value of assets and sums of bank accounts and such.
Thank you for your answers