Finance Questions? Ask a Financial Expert for Answers ASAP
Hi, you CAN file as married filing separately, although you will lose some of the benefits of filing jointly
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"
Because you lose ALL of these benefits:
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.
Ahhh there you are
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?
You can have what's called a post-nuptual agreement done, but you both have to agree to iot
... a very clean to separate propoerty under state law
you should definitely segregate your money
Separate bank account
Make sure any payments to you are made just to you
That is reconised in Mississippi? I know legal seperation is not.
yes, it is
The post nuptual agreement?
Have an attorney draw it up, but again she will have to agree
another though is a solely owned business
In divorce law, that's one of the most successful ways to put up a barrier
Make sure it's an LLC or an S-Corp, where you have the corporate veil and it's own Tax ID
I am inc and have several parterships with another person
And again, maried filing separately IS a good way to start setting the precident that your finance are separate
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
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
The corp is better than an irrevocable trust, because with the trust (if it's truly a separate entityu lose all control) yo
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
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:
Thank you for all your help. Have a GREAT day!