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140

Your father was giving your mother money intended to be spent on your food, clothing, textbooks, and so forth. Your mother no longer has these expenses. The only expense that remains for her is rent (or property tax), considering there is probably now an empty, redundant bedroom in her home. The extent to which your mother was also expected to contribute to ...


74

I have no problem with you helping your mother but only under the following circumstances: You have enough room in your budget to help out. You should not go into debt or sacrifice your necessities to support your mother. Your dad is not legally obligated to help. If he is, she should pursue that first. She needs the help. Is this money from your dad that ...


60

If it were me, I would get a new checking account at potentially a new bank, but certainly with a new account number. As Nathan said, there is no need for you to cross her name off the check, but potentially, she could use those checks, or have new checks printed to use. Having her name on the check makes it seem like she is a legitimate signer on the ...


57

"Mom, that sort of thing is court-ordered." Tell her that she will need to go back to court to have the divorce settlement modified. You will be happy to comply with any court order, of course. The money in question is child support. It reflects that the cost of living with a child is higher than living alone. Obviously, if you move out, that has a big ...


48

To actually answer your (financial) question: What are my options in this situation? Rent out the property share the profit / remaining costs while building equity until you find a buyer. Lower the asking price. You may have to sell it at a loss. Too late to complain now. As they say, you make the money in buying. Looks like you bought too high. Split ...


43

Depending upon the divorce laws in your jurisdiction she could be entitled to 50% of the proceeds of the property sale no matter if she contributes to the payment or not. In some sense she may be doing you a big favor by contributing half. You may want to seek a lawyer's advice on all this because it is so jurisdiction dependent. Typically there are ...


25

Anecdote: My grandparents gifted me and my girlfriend £30k so that we could buy our first house together, and I contributed a further £3k towards the deposit for a better mortgage rate. Over the next two years, I paid for the bathroom to be re-done at £7.5k, as well as the windows and doors for £2.5k, so the house went from being worth £210k to £250k... and ...


22

The co-signer is responsible for paying the loan back if you can’t or don’t want to pay. Being co-signer doesn’t give them any rights to your car. What happens in the private life of the co-signer, like divorce, makes no difference, they are still co-signer. In extreme situations, like your dad co-signed but it was actually your wealthy ex-mother in law who ...


20

First and foremost: this might be a legal issue, not a financial one. In most locales, support payments like this are part of the formal divorce settlement. Someone needs to locate a copy of that settlement document and read over what the specific terms are for these payments. Those terms will play a big part in what happens next. If your father's ...


15

I purchased a home Florida many years ago for 165,000. I subsequently took a job in New York and had to put the house up for sale. I listed the house for what I paid for it, 165K. after a couple of months my CFO asked me if the house has sold. I told him no because people were not offering what the house was worth. He corrected me by saying "The house is ...


15

There are situations where I'd advise against marriage for financial reasons, but never for it if your heart isn't in it. It sounds like you aren't ready for marriage and finances shouldn't even be part of the equation.


12

I am answering from the perspective of: We have recently separated (in November). At the time, we had had the property on the market for a couple of months. We have left the property on the market since and still have yet to have a single viewing. I would suggest you reach out to the estate agent (I'm assuming you have "conventionally" put it on the ...


10

Nope. I don't mean to dis a professional (your lawyer), but s/he created a situation in which this was an inevitable result. In hindsight, if I were forced into such an agreement, i.e. stuck on the mortgage, I'd rather be making the payments, and have the burden of collection from my ex, or deduct it from the child care payments or alimony. That would be a ...


9

If it doesn't seem that important, why bother blacking the name out? For the effort, it might cost you less in your time to have the checks reprinted. There's no way to know what all banks would do with a check that has a name crossed out, but most would ignore it. Most checks are processed automatically. Signatures are not verified, post-dated checks can ...


9

You and your daughter need to consult a lawyer. Generally, the court decides how the family debts get split in a divorce, and it sounds like the court decided that this student debt belongs solely to your daughter and not her husband. Whether that was the correct decision or not depends on lots of details, but of course, your daughter didn't help herself ...


8

You are confusing a few things. There are two filing options for married couples: “Married Filing Jointly” and “Married Filing Separately.” (There is a third filing option called “Head of Household” that one of you might use if there are children involved.) Married Filing Jointly (MFJ) means that you file one (and only one) tax return for the both of you. ...


8

What matters is your marital status on December 31 of the year. Since you were not married on December 31, you must file as Single (or in some cases with a dependent, Head of Household).


7

Both are close, but two notes - amiable or not, I'd rather have a deal that ends now, and nothing is hanging over my head to get or pay money on a future sale. 401(k) money is usually pre-tax, so releasing me from $10K of home equity is of more value than the $10K in a 401(k) that would net me $7K or so. As I commented to Joe, I'd focus on valuation. If ...


7

You will need her social security number to file as MFS. You do not need her W-2. The only other caveat is that if she elects to itemize her deductions, you will have to as well (and vice versa). From the 1040 instructions: If you are married and file a separate return, you generally report only your own income, exemptions, deductions, and ...


6

For what it's worth, 20 years ago I had a huge box of sheet-feed checks (3 or 4 per sheet) - After the divorce I kept the account, then ran the remaining checks through a Word doc that tidily blacked out the ex's name. Never had a hitch, glitch, or rejected check.


6

There are different options here. You could sue her in court (or a small claims court depending on the amount) and the judge could order her to pay back the amount she owes. In which case you will get your money back. You could also ask the judge to order that she sign over the title to just your name. Read the title carefully, some states do not require ...


6

Withdrawing from your 401(k) may include a 10% withdrawal penalty. There are ways to avoid the withdrawal penalty for early disbursements. The idea is to reduce your interest expense by leveraging free loans (0% APR purchases). This will help you pay down your debt more. If you have 0% APR on purchases, you can make purchases on things you already buy. ...


6

UK property market is in limbo right now; nobody is buying or selling unless they have to due to the uncertainties of brexit. This has been the case for half a year or so, but is getting really bad right now according to estate agents I know. Autumn and winter are also bad times to sell properties anyway. If you and your wife (and your divorce lawyers) were ...


6

Your concern is that someone ("an ex wife") may take some of Brother's assets. Unfortunately, if Brother has cash money in the bank owns real estate owns stocks and bonds has valuables such as gemstones has everyday items such as cars, boats No matter what "mix of stuff" Brother has, as assets, those assets can be chased by another ...


6

“Peer pressure” is an awfully bad reason for marriage. Cost of child rearing: For the money you pay, you get the enjoyment of seeing your kids growing up. You decide if it’s worth it. If you don’t want children, don’t get married to someone who doesn’t 100% agree. Financial risk due to divorce: Don’t underestimate the risk that you might get married to a ...


6

If he bought the boat while you were married it is likely considered community property regardless of whether your name is on the title or loan. Tell your divorce attorney about it and the judge will have to make a call on equitable distribution of assets.


5

Buy her out as part of the property settlement and only as part of the property settlement. Don't, whatever you do, buy her out without a property settlement. Nobody cares whose name is on the property when it comes to settlement so you'd be just funding her legal fight against you at the cost of being able to defend yourself and she'll still take half the ...


4

I don't know of any financial account that offers that kind of protection. I'm going to echo @Brick and say that if you need that level of restrictions on the money, you should talk to a lawyer. Your only option may be to setup a trust. If you are willing to go with a lower level of restrictions on the account, a 529 plan could do the job. A 529 Plan is an ...


4

Yes, you should file your tax return. You paid the penalty, but the IRS doesn't know that, they just know that you paid something. Your tax return is the explanation of what it is the IRS got from you. You might owe income tax on the distribution, in addition to the penalty.


4

In a divorce, the terms "husband" and "wife" are almost always deprecated. When it comes to asset division, the key terms are "community (or marital property)" and separate property. In terms of custody, you will hear "custodial" and "non-custodial" parent. This should illustrate where the courts bias lies. Divorce divides up three things - the kids, the ...


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