I'm in a common law relationship which has come to an end. We are waiting on our tax refunds. He said when our cheques come we should put them on the line on credit to pay it down. Here is my problem.
All our debt, is his. I know that i have to still pay half, but for lack of better words that sucks. The line of credit has 5k on it, so i have to pay $2500.
I make more money. We have 2 kids so all the child deductions were of course put on my return. My return being $1100 and his is $200.
So if i were to do what he says our line of credit would be paid down to 3700 and then my half would be $1850. The way i see it is i have now actually paid more then half.
My question is, is my tax refund considered joint money? he says once it's in the bank our savings are 50/50, therefore i don't want to deposit it when it comes.
NEXT i get paid a lump sum for vacation in june. I said so you consider my vacation pay is also 50/50, he said yes. When i am on vacation i don't receive a paycheque, hence the lum sum payout each june.
Any help would be greatly appreciated
All our debt, is his. I know that i have to still pay half, but for lack of better words that sucks. The line of credit has 5k on it, so i have to pay $2500.
I make more money. We have 2 kids so all the child deductions were of course put on my return. My return being $1100 and his is $200.
So if i were to do what he says our line of credit would be paid down to 3700 and then my half would be $1850. The way i see it is i have now actually paid more then half.
My question is, is my tax refund considered joint money? he says once it's in the bank our savings are 50/50, therefore i don't want to deposit it when it comes.
NEXT i get paid a lump sum for vacation in june. I said so you consider my vacation pay is also 50/50, he said yes. When i am on vacation i don't receive a paycheque, hence the lum sum payout each june.
Any help would be greatly appreciated
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