What is the name of your state?
Michigan
Negotiation of Assets questions, I promise I'll keep this just one thread this time ;-).
6 years ago, our current house was financed at 117k. Currently, the liens on the house are 152k, a difference of 35k of debt. If you factor in the reduction in principal from 72 months of making payments, the debt is probably more like 40k.
1) Can this difference in lien amounts from the date the house was purchased to the date of separation be factored in to the debt equation in my settlement situation? These debts were the result of credit card debt that got continually refinanced, having said that....
2) We currently have 32,000 in credit card debt, most of which is my wife's, yet I obviously have to prove that. I have documentation on the following credit card purchases that were made on my credit cards for her sole benefit:
a) Collection Agency payoff for a lease she broke for the amount of $4,292.
b) Hot Tub that she simply would not live without, it was charged for the amount of $5,500.
c) Bail money for an OUIL charged for the amount of $330.
d) Atty fees to plea bargain teh OUIL charged for the amount of $750.
3) I have documentation on 53 revolving lines of credit in my name spanning the 8 1/2 yrs of our marriage. Can I pursue itemized statements of each one, incurring the expenses, in an effort to prove she has even more credit card debt for her own gain and personal use. I realized this would in turn result in tracking down the orders made to various mail order magazines that show up on the credit card statements, which would make this whole undertaking incredibly ardous. Yet, I simply am adamant and it makes me sick to think she is going to get away with racking up the better part of $72,000 in credit card debt, and come away with not being responsible for the first 40k at all, and then splitting the remaining 32k.
4) A general question on 401k contributions. Are the contributions made by an employer included AND is this treated as 1/2 asset entitlement for the spouse, despite the fact little or no contributions may have been made in addition to the employer? Example, My employer gives 10% to my retirement, I don't have to give any, and I chose not to. The other spouse has not employee retirement plan where they contribute, and the other spouse decides not to contribute. After 4 years, the one spouse has 20k in retirement generated solely by the employer contributions, while the other spouse has No (0) money in retirement. Is the other spouse entitled to 1/2 of the retirement, ie, 10k?
Thanks. If anyone else has any gotchas or items to look out for in settlement negotiations, I would appreciate hearing them.
Thanks,
bd
Michigan
Negotiation of Assets questions, I promise I'll keep this just one thread this time ;-).
6 years ago, our current house was financed at 117k. Currently, the liens on the house are 152k, a difference of 35k of debt. If you factor in the reduction in principal from 72 months of making payments, the debt is probably more like 40k.
1) Can this difference in lien amounts from the date the house was purchased to the date of separation be factored in to the debt equation in my settlement situation? These debts were the result of credit card debt that got continually refinanced, having said that....
2) We currently have 32,000 in credit card debt, most of which is my wife's, yet I obviously have to prove that. I have documentation on the following credit card purchases that were made on my credit cards for her sole benefit:
a) Collection Agency payoff for a lease she broke for the amount of $4,292.
b) Hot Tub that she simply would not live without, it was charged for the amount of $5,500.
c) Bail money for an OUIL charged for the amount of $330.
d) Atty fees to plea bargain teh OUIL charged for the amount of $750.
3) I have documentation on 53 revolving lines of credit in my name spanning the 8 1/2 yrs of our marriage. Can I pursue itemized statements of each one, incurring the expenses, in an effort to prove she has even more credit card debt for her own gain and personal use. I realized this would in turn result in tracking down the orders made to various mail order magazines that show up on the credit card statements, which would make this whole undertaking incredibly ardous. Yet, I simply am adamant and it makes me sick to think she is going to get away with racking up the better part of $72,000 in credit card debt, and come away with not being responsible for the first 40k at all, and then splitting the remaining 32k.
4) A general question on 401k contributions. Are the contributions made by an employer included AND is this treated as 1/2 asset entitlement for the spouse, despite the fact little or no contributions may have been made in addition to the employer? Example, My employer gives 10% to my retirement, I don't have to give any, and I chose not to. The other spouse has not employee retirement plan where they contribute, and the other spouse decides not to contribute. After 4 years, the one spouse has 20k in retirement generated solely by the employer contributions, while the other spouse has No (0) money in retirement. Is the other spouse entitled to 1/2 of the retirement, ie, 10k?
Thanks. If anyone else has any gotchas or items to look out for in settlement negotiations, I would appreciate hearing them.
Thanks,
bd