a1953bigjohn
Junior Member
What is the name of your state?What is the name of your state?What is the name of your state? California
Before marriage 8 years ago, I owned my home with $20,000 equity. We have lived in the home and made mortgage payments from joint funds. Equity now is $100,000 based on market increases, even though only $8000 was paid on the principal. Before marriage, I had $50,000 value in a savings plan through my employer. That has grown now to $200,000, with payroll deduction contributions from my paycheck and employer matching funds. We have purchased 2 new cars in the 8 years, and we still own them, values are $8,000 and $18,000. My wife has a joint custudy of her 16 year old son with her ex-husband. If the 16 year old causes damage or injury and the offended party wins a judgement, how much of my assets are at risk? I did not adopt the boy. Is it half of our current value assets? Is it all of our current value assets? Is it the increased value over the last 8 years? Is it half the increased value over the 8 years?
Further, is there anything I can do to separate our assets or file something with the court to protect assets to the greatest extent?
I believe the kid is irresponsible, untrustworthy and unreliable and should not be driving our vehicle. He has already violated the terms of his CA license on 2 occaisions in his first 10 days of driving priviledge by transporting minors. I caught him, not law enforcement so it is not on his record. His mom merely tells him not to do that again, and hopes she doesn't find out he's done it again so she doesn't have to deal with it.
Please let me know if I have to file for legal separation or what to help my wife understand what is at stake here.
Before marriage 8 years ago, I owned my home with $20,000 equity. We have lived in the home and made mortgage payments from joint funds. Equity now is $100,000 based on market increases, even though only $8000 was paid on the principal. Before marriage, I had $50,000 value in a savings plan through my employer. That has grown now to $200,000, with payroll deduction contributions from my paycheck and employer matching funds. We have purchased 2 new cars in the 8 years, and we still own them, values are $8,000 and $18,000. My wife has a joint custudy of her 16 year old son with her ex-husband. If the 16 year old causes damage or injury and the offended party wins a judgement, how much of my assets are at risk? I did not adopt the boy. Is it half of our current value assets? Is it all of our current value assets? Is it the increased value over the last 8 years? Is it half the increased value over the 8 years?
Further, is there anything I can do to separate our assets or file something with the court to protect assets to the greatest extent?
I believe the kid is irresponsible, untrustworthy and unreliable and should not be driving our vehicle. He has already violated the terms of his CA license on 2 occaisions in his first 10 days of driving priviledge by transporting minors. I caught him, not law enforcement so it is not on his record. His mom merely tells him not to do that again, and hopes she doesn't find out he's done it again so she doesn't have to deal with it.
Please let me know if I have to file for legal separation or what to help my wife understand what is at stake here.