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  • Net family property

    I am doing the sheet and how do I put debt. During ten years marriage most debt in credit cards in my cards, some on his and some joint. For example my cards 40000, his 20000 and joint 10000. We took loan for 30000 from his brother and 60000 from my father to invest in business.

    1) do I total all debts and split half half

    2) do I state each debt separately in each name

    3) do I put full value of joint debt in each name or split in half

    If I do each debt in each name then I have negative value at end. Ex has about 30000 assets. It says my negative value is . Zero therefore we each get 15000 at the end.

    If I put all debt as joint then we both have negative values? How does that work

    I'm confused how to put values. Help please

  • #2
    His debt you put nothing, that goes on his sheet.

    Your debt, you put in full.

    Joint debt, you show half, and note underneath or in the margins, "Joint; 50% of (total)."

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    • #3
      Easy if you have a joint asset, list it, identify each by card name or account number and right following in brackets joint if joint, nothing if it is yours alone and if it is your spouse's you would not list it. In the summary document it will pull both of the spouses (applicant respondent) and joint assets - would show as to the percentage for each --- it can be 90-10,30-70 or simply 50/50 of the actual amount total whatever it may be.

      You can't have negative net family properties though, just goes to nil (think of that as you can't hand over a negative $20 bill!

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      • #4
        That's what I need to know. Why my debt negative and zero when we got this debt together while we were married. Why debt is not split half. I will be left to pay off all the debt when it was used for family. How is that fair equalization?

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        • #5
          Presumably you took on more debt because you had the income to qualify for it.

          Equalization is about equalization assets. If you have no net assets there is nothing to equalize.

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          • #6
            That not make sense. Are u a lawyer? As are u sure that there is no other way to challenge it

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            • #7
              If you don't believe what you read on the internet, then you should see a real, live, in person lawyer.

              If you can't afford one, go to the courthouse and ask for help.

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              • #8
                Yes Mess, i dont belive everything i read online. i do my research and ofcorse get a lot of help from online too. im happy i got this forum. it gives many difefrent opinions. and court too, even lawyers give different answers to questions.

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                • #9
                  Read up on equalization... if there are no assets, then there is no equalization. Mess is a very smart poster, he knows what he is talking about, has been around the block before. If the debt is in your name, you are responsible for it. The creditors don't care what you spent it on or that you were married, they won't go after your ex for it, they will do after you.

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                  • #10
                    Actually I did . And I do have a plan. I won't say about it now because my ex could be here. He is disabled but mentally he is clever like satan. When I get results or no results I will come and tell about it. I am hopeful it will work. I go see lawyer too on Tuesday.

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                    • #11
                      I am sure many people here would love to hear your plan about how to get your creditors to go after your ex or how to get your ex to pay for your debt when there is no equalization payment... you must have found some loop hole...

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                      • #12
                        I am hoping it will work

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