lottery winnings for new spouse

[bonmer]

What is the name of your state (only U.S. law)? minnesota

i am divorced, current on my child support and i have recently remarried. if my wife were to win the lottery, could that prize money be considered part of my income for child support calculation purposes? of course, some of the $$ would be set aside for them for the future - that goes without saying....

any info would be greatly appreciated...
thanks!

 

[ecmst12]

As hypothetical situations go, this is as far-fetched as they come. Not something you really need to be worrying about.

 

[doc2b]

As hypothetical situations go, this is as far-fetched as they come. Not something you really need to be worrying about.

Unless it's homework...

 

[bonmer]

As hypothetical situations go, this is as far-fetched as they come. Not something you really need to be worrying about.

or it's not hypothetical....

 

[doc2b]

or it's not hypothetical....

In that case, I would say congratulations! And no, from what I've read on here, I don't think that is considered as part of your income...but, if it is not hypothetical, you should use a little of that money to consult with a local attorney, just in case

 

[haiku]

When my husband and I have these fun hypothetical conversations when we are bored, my usually answer is my sister is going to "win" any lottery I enter, until his children are over 18. We can all wait a while to reap the benefits then

 

[ecmst12]

If it wasn't hypothetical, you would have phrased it differently.

 

[cyjeff]

If you can prove it is your wife's money, it will not figure in.

If you can be proven to be hiding the fact it is your ticket that you give your wife so that you can FUBAR the kids, court will not be your happy place.

But I must ask... if you now have the means to allow your children to live in much better circumstances that before, why wouldn't you? Yes, I understand that means that your ex will get a bigger house too, but isn't that worth it?

 

[haiku]

If you can prove it is your wife's money, it will not figure in.

If you can be proven to be hiding the fact it is your ticket that you give your wife so that you can FUBAR the kids, court will not be your happy place.

But I must ask... if you now have the means to allow your children to live in much better circumstances that before, why wouldn't you? Yes, I understand that means that your ex will get a bigger house too, but isn't that worth it?

Who says the kids would neccesarily be living destitute just because they don't want lottery winnings used to determine a child support award?

If the CP wins is she going to be court ordered to buy ME a house?

 

[fairisfair]

My thoughts are probably not.... UNLESS, you divorce your new wife and obtain a part of those winnings in a divorce settlement.

 

[Cainlord]

I asked a similar question about this awhile ago. From what I gathered, it sounded like it would depend on it I used the winnings as income or made income from them. So if I decided to stop working they would impute income probably based on what I was making before.

 

[LdiJ]

I asked a similar question about this awhile ago. From what I gathered, it sounded like it would depend on it I used the winnings as income or made income from them. So if I decided to stop working they would impute income probably based on what I was making before.

Pretending that its dad's ticket for a moment....

Lets say he nets 5 million after taxes.

He decides to be conservative and invest that 5 million in something producing yearly interest income of 2 percent. That means that the 5 million is going to be producing 100k in annual interest income.

The 100k would be income for child support purposes, not the 5 million. That would be a very sensible thing to do if someone won the lottery. That sets a person up very nicely for life, and gives them the principal to leave to their heirs.

Unfortunately, that's not usually what happens...usually the money is gone in a few years.

 

[meanyjack]

But if she were to win and she is the only one who claims it, you can probably expect your ex to file a modification trying to get her hands on it. Just sayin...

And what a coincidence this questions was asked (and jumping off LdiJ saying money goes in a few years). This appeared online today on Cleveland.com:

http://www.cleveland.com/pdq/index.ssf/2010/02/for_these_lottery_winners_a_dr.html"
For these lottery winners, a dream come true turned into a nightmare | PDQ - cleveland.com

 

[Cainlord]

I also can't understand how people just blow money like that.

But in general, probably those who play the lottery really hard are those who shouldn't be trusted with the money. Makes you wonder if they would have been better off with the yearly payments instead.