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Lane
Lane, CFP, MBA, CRPS
Category: Finance
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Experience:  Providing Financial & Tax advice since 1986
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I live in Mississippi. How can I legally separate my wifes

Resolved Question:

I live in Mississippi. How can I legally separate my wife's and my finances? She is ruining my/our credit which is hurting my business. Can we separate our finances without a divorce?
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Hi, you CAN file as married filing separately, although you will lose some of the benefits of filing jointly

NPVAdvisor :

According to XXXXX XXXXX, and Enrolled Agent, "The married filing separately (MFS) filing status is generally perceived as the least beneficial of all the filing statuses"

NPVAdvisor :

Because you lose ALL of these benefits:

NPVAdvisor :

BUT, for your purposes, only YOU are responsible for the accuracy and payment of tax related to that separate return. By contrast, on a jointly filed return, both spouses are jointly responsible for the accuracy of the return and the payment of tax.

NPVAdvisor :

Ahhh there you are

Customer:

I am not talking about my taxes. I am asking if there is a way to stay married but have our finances totally separated like in a divorce. Where I am not held responcible if my wife runs up a credit card and then doesn't pay it. Where our credit scores and everything are separated?

NPVAdvisor :

You can have what's called a post-nuptual agreement done, but you both have to agree to iot

NPVAdvisor :

... a very clean to separate propoerty under state law

NPVAdvisor :

also ...

NPVAdvisor :

you should definitely segregate your money

NPVAdvisor :

Separate bank account

NPVAdvisor :

Make sure any payments to you are made just to you

Customer:

That is reconised in Mississippi? I know legal seperation is not.

NPVAdvisor :

yes, it is

Customer:

The post nuptual agreement?

NPVAdvisor :

Have an attorney draw it up, but again she will have to agree

NPVAdvisor :

another though is a solely owned business

NPVAdvisor :

In divorce law, that's one of the most successful ways to put up a barrier

NPVAdvisor :

Make sure it's an LLC or an S-Corp, where you have the corporate veil and it's own Tax ID

Customer:

I am inc and have several parterships with another person

NPVAdvisor :

And again, maried filing separately IS a good way to start setting the precident that your finance are separate

NPVAdvisor :

You might want to set up an LLC as a holding company for the partnerships ... A C-ORP is always best as it is not a pass through entity like partnerships, S-Corps and LLCs

NPVAdvisor :

although the S-Corp and LLC ARE corporations and do have that corporate veil ... the C-corp is truly a separately taxed entity (pays it's own taxes at it's own rates like a trust

NPVAdvisor :

The corp is better than an irrevocable trust, because with the trust (if it's truly a separate entityu lose all control) yo

NPVAdvisor :

That's all there really is that you can do ... If you can get her to agree, the postnuptual is a valid contract under MS state law

NPVAdvisor :

By the way, here's an article that talks about things you can do in the divorce process to protect your money, but some of it applies either way:

Customer:

Thank you for all your help. Have a GREAT day!

Lane, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 3705
Experience: Providing Financial & Tax advice since 1986
Lane and other Finance Specialists are ready to help you

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