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| Financial Issues This forum is for discussing any of the financial issues involved in your divorce. |
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#1
06-27-2011, 06:36 AM
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Division of Property
When calculating assets for division of property and equalization, is there anything that would be excluded such as the beds and dressers that the children use, washer and dryer for doing the kids' laundry etc.?
Also, what about credit cards? If the credit card is only is one spouse's name but was acquired and used throughout the marriage, does it count as a family liability or just a liability for the person whose name is on the account? Thanks. |
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#2
06-27-2011, 06:41 AM
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Quote:
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#3
06-27-2011, 07:56 AM
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Credit card debt is a family liability when married.
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#4
06-27-2011, 03:03 PM
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Credit card debt is included on the balance sheet of the person whose name it is in. It plays a part in equalization as it lowers their net worth.
Equalization is meant to bring BOTH parties balance sheets in line with each other. Typically ONE person will have a high net worth than the other. Equalization is essentially the higher worth party paying an amount designed to bring the lower worth person up to an equal amount. (that's an extremely simplified explanation, but it's pretty much what happens) |
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#5
08-30-2011, 12:21 PM
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I have been separated for 14 months. At the time of separation I gave my ex access to the house to take what she wanted. She arrived with help and removed furniture and her personal items.
I dropped off a treadmill which I had purchased for her - she returned it. It has been 14 months - in that time I have sold the treadmill - at a huge loss, and sold off some of the remaining furniture and appliances that I did not need. I just recently received a letter from her lawyer indicating that she now wants those furniture pieces, treadmill and appliances. I was told by my lawyer that she has 2 years from divorce to make a claim. (divorce is not until next month) I assumed she did not want these items - and sold them. Is it my responsibility to store these items for 2 years until she makes up her mind?? Due to financial circumstances I am moving to a much smaller place - and just didn't have the room or the need for these things. I assumed since she did not take these things when she was given the opportunity - that she didnt' want them. Any recommendations as to how to proceed??? |
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