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What are the financial implications of my possible divorce?
Hello,
I am 28, married 6 years. To make a long story short, my marriage is not working out. I was wondering the finacnial implications of a divorce. I currently make about 50-60k a year. We own a $220,000 with about $50.000 equity. My wife works under her parents family business with an income of 20k a year. She is 1/3 owner of the business which is valued at about 500k. We do not have any children. If I am instigating the divorce under irreconcilable differences, what are the financial implications. Will I loose the entire home? Will I need to pay support? Or will she be the one to owe money? I just have no idea what will happen. Just thought I would ask before getting a lawyer. Thank you for your help.
Get a good lawyer.
Do *not* move out of the home.
You could split the house 50/50, the house debt 50/50, and unless you signed a prenup, you could get 1/6 of the business.
Divorce is about the “equitable” division of assets as you two agree – or as a judge decides when you can’t agree.
If I were you, I would propose 50% split of the debt and equity of the house and ignore the business.
It’s a family business, doesn’t generate that much income, and her working there means you shouldn’t owe her any money – leave it alone.
Spousal-support is generally limited to half the length of marriage.
Any-which-way, if your marriage sucks now and you don’t have any children, just GTFO and learn your lesson.
http://dontmarry.wordpress.com
http://dontmarry.wordpress.com/the-marriage-strike/
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