Hi, My name is XXXXX XXXXX X'X be happy to answer your questions today.
Yes, it is. First, you'll want to specifically state that there are no joint assets.
Second, yes, it's important to list the assets and liabilities that each of you is responsible for.
The reason for this is that, if you forget to list something, then the other party can come back and say, "Oh, wait, we wanted to divide that."
This way, it's clear.
So, for each asset section would I indicate that there are no joint assets, or mention it only once?
It's better to be explicit. "There is no jointly held real estate." "There are no jointly held cars."...
Okay, this is the basis of my concern. We have been married for 15 years, and we have very different spending habits. I am more frugal and he is a compulsive spender/gambler. I restored his credit with a joint automobile purchase, which he sold and replaced multiple times, and ended up very upside down. He later voluntarily turned the last vehicle in to the lender -- they were able to sell it, with $20K+ on the loan balance. I bought a house about 6 years back and had him sign a quit claim on it. have separate WThe reason for no joint assets is that we have very different spending habits. I am frugal and my spouse is a compulsive gambler. He has gambled away ALL of his assets and just has debt (and a small 401k plan). I am giving him $1,500 as a divorce settlement, but am concerned that
Let me try that again. I tried to start a new paragraph.
Okay, this is the basis of my concern. We have been married for 15 years, and we have very different spending habits. I am more frugal and he is a compulsive spender/gambler. When we married, I restored his credit with a joint automobile purchase, which he sold and replaced multiple times, and ended up very upside down. He voluntarily turned the last vehicle in to the lender -- they were able to sell it, with $20K+ on the loan balance. Six years ago I bought my parent's house from the estate and had him sign a quit claim on it. He had insufficient FITW taken from his paychecks and I have covered that for most years until 2008's filing when we filed separate returns. He lost his job a year ago by failing a random urinalysis (he normally is straight -- and I did not know about his fall of this wagon). Since then he has gambled his severance pay, hocked his last (paid for) vehicle. Over the years, I have paid his shortfall in income taxes, covered his out-of-pocket medical/dental and given him move out money. At present he has only debt and a small 401k plan. I am giving him $1,500 as a divorce settlement, but am concerned that the court may not feel that this is fair.
And, since he failed his UA, he is not receiving unemployment compensation. He plans to live with his sister and brother-in-law and wait for a job to open up there.
Well, Nevada is a community property state. Any property acquired during the marriage is considered fair game to be divided in half.
But, if he already signed over the house to you, and he gambled away all of his money, the judge considers that.
In an uncontested divorce, does this go before a judge?
He has to review the paperwork and sign off on it.
But, if you agree to everything, he'll usually go with it.
The only thing he does not know about that is community property, i.e. that I did not have before or receive as inheritence, is a 401K plan that I have been contributing to for almost 2 years. I have about $60K in it now.
$60K with e/r matching.
The judge could find that he is entitled to half of that account.
If you don't tell him about the account, and he finds out about it later, it will look very bad for you.
Are you typing? You have pretty well answered my questions.
No, I was waiting for you to respond. Does it say I'm still typing?
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