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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  
Old 02-01-2014, 11:32 AM
Soon_to_be Soon_to_be is offline
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Default Prep work for divorce

Hello,
I'm in the phase of thinking about leaving my husband and I want to make sure I'm well prepared before starting this ordeal, my financial situation is as such..

I'm a govt employee...been for about 13 yrs (pension benefits)
I own a house ( bought it alone since my HB didn't have good credit so his name is not on the title/mortgage)
I have debt ~ 100k that was accumulated over the years when we are together (8 yrs) due to his unemployment, us getting married, life expenses that I couldn't keep up with my salary alone..but obviously all accts are mine (no joint accts- again his credit issues)

Otherwise I don't think there's other assets or debts I'd think off..

He is employed outside the country and making money- hasn't claimed this on his taxes and still files with 0 income...owns nothing here and has a few accts in collections..

Now my question is..how will this work division wise? I'm mostly worried about the debt vs the house (he never paid for any of it- and we don't have much equity on it yet)

What can I do to prep myself before I start this? Is there any paper work I can get from him that would help me?
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Old 02-01-2014, 11:40 AM
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arabian arabian is offline
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Does he get paid in cash or does he deposit into a bank account somewhere? If you could get copies of bank statements that would be golden.

If you have to go through the court process to get financial disclosure (banking information) you could be in court for years. Some people never get banking information and have to get the court to "impute" a wage. This can be time-consuming.

Any children of the marriage?
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Old 02-01-2014, 12:04 PM
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No children thankfully...
He does get deposits into his account, bank accts are local to where he's working..
I can figure out a way to get these, how far back of I need to go?
Does a letter of offer/emails offering job count for anything?
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Old 02-01-2014, 12:36 PM
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arabian arabian is offline
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I would get all the records you can - preferably dating back to prior to your marriage if possible. Offers of employment can be helpful if you need to prove intentional underemployment.

Keep the records somewhere away from the home. If you hire a lawyer he will want to see these records. I wouldn't broadcast that you have the bank statements as he may very well voluntarily give them to you when you ask for full financial disclosure. These are your insurance in the event that he refuses to provide any documentation.

Examine the bank records carefully and note any bank transfers in or out which can indicate the existence of another bank account (where the statements/records are being mailed elsewhere). Nowadays many people don't bother with paper records so you are indeed fortunate if you can get records.

Copy all of the tax returns. Even a "0" return can be helpful if you have bank statements which contradict this as it goes to his credibility.

Important for you to be able to document your pre-marriage financial situation. Everything (assets & debts) is tallied up during equalization process. Debt and assets are traditionally shared 50/50 unless one party asks for unequal division of assets due to one party taking on the majority of the debt. Your pension (for period of the marriage) will indeed be considered.

The onus would be on him to prove entitlement to receive spousal support from you. Having the documentation that proves he worked throughout the marriage will be of enormous benefit to you.

Once you gather all of your information then you will have a much more concise idea of your situation and how to proceed. At that point you should really consider getting some legal advice. Your benefit plan at work might provide you with a free hour of consultation with a lawyer. Often people don't check the details and overlook this.
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Old 02-01-2014, 12:51 PM
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A few other things you might want to stow away are: copy of his resume (old and current) and any old credit applications you may find.
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Old 02-01-2014, 01:01 PM
Berner_Faith Berner_Faith is offline
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Just a question... if these are not joint account, how can she legally gain access to them? Hacking into the accounts or opening his statements is illegal, so how would one legally go about doing this when their name is not associated with the account?
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Old 02-01-2014, 01:20 PM
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I don't ask those sorts of questions ^

... he may have a joint account with a friend or family member
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Old 02-01-2014, 06:27 PM
ddol1 ddol1 is offline
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Although exceptional, it is not impossible to get legal bank records/ statements - all depends on the circumstances and who is on the other side of the bank counter. In my case, our bank manager was one of those professionals that just was speechless to learn what the ex did to me. He personally using his own security level to access bank records going back to the mid 1990's.

He also lobbied the banks legal department to forgo their stated privacy policies to allow the release of records from one account to another as long as my name was attached to at least one of them. In other words the cash she removed from my account (my health necessitated her having power of attorney) and moved the money to an account that was only in her name. They identified what they could so I would be able to best explain "where did my entire life savings and retirement, damages from my pre-marriage accident, inheritance and more.....where did it all go?"
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Old 02-01-2014, 06:43 PM
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Obtaining these statement will be a challenge considering his bank accts are in a diff country..I will have to get creative..maybe somehow get him to give me access to his online banking..I'm not really sure how to go about it yet..

I have a debit card to his acct (he gave it to me) so I might be added to that acct as a 2nd user.. So I will have to look into that

My biggest worry is me getting stuck with all the debt..That's why I'm trying to understand how that's evaluated
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Old 02-01-2014, 07:18 PM
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Sorry to be the bearer or bad news but if you are the only one with credit and assets and solid employment (along with everything being in your name) chances are you WILL INDEED be stuck bearing the brunt of everything. You had best prepare yourself for the worst-case scenario. I know, only too well from personal experience, that all it takes is for him to go into personal bankruptcy. By the sounds of things he doesn't have anything to lose.

What you have to do now is minimize your losses. If you run to CRA (about his fraudulent tax filings) they will simply beat you to his money.

Information/knowledge might give you some leverage. You will have to work quickly and quietly. You may find that in the end it is better for you to get him to work with you on some sort of debt reduction rather than pulling the plug right away. A visit to a free government-sponsored credit counselling service might not be a bad idea. You should get help in finding out if you can afford to keep your home should you end the marriage.

Last edited by arabian; 02-01-2014 at 07:20 PM.
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