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Newest Member: DCS72

Divorce/Separation :
How do finances work during separation

Topic is Sleeping.
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 exitaffair (original poster new member #82792) posted at 8:15 PM on Sunday, January 29th, 2023

My WW has moved out of the main residence to an investment property we have and we have our initial separation hearing in about 2 weeks. Can someone walk me through what happens at the hearing? I know that temporary orders get put in place for custody, visitation, child support and the like. But what about other financial obligations? For example, our primary home where I am staying has a mortgage while our investment property where my WW is staying does not. I am currently also paying all the utilities and bills for both properties. I'd want at least to transfer the expenses related to the place my WW is staying to her. What about expenses related to the kids such as cell phones, subscriptions, etc. How does all that get handled?

posts: 11   ·   registered: Jan. 27th, 2023   ·   location: South Carolina
id 8775262
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Forks027 ( member #59996) posted at 9:20 PM on Sunday, January 29th, 2023

Depends on where you live. Some states, everything is split down the middle. Some determine the split based on income. You'll have to consult a lawyer for specifics on who gets what, custody arrangement, and housing expenses.

posts: 556   ·   registered: Aug. 4th, 2017
id 8775268
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Bigger ( Attaché #8354) posted at 10:40 AM on Monday, January 30th, 2023

Keep a good account of expenditure. When it comes to division of assets any expenditure that is deemed joint might be deducted from her share.
For example: Let’s say your home value is 100k and the mortgage 20k you might each get 80/2 = 40k, only from that you might be able to deduct half of the 10k you have been paying on the mortgage during the process.

"If, therefore, any be unhappy, let him remember that he is unhappy by reason of himself alone." Epictetus

posts: 12755   ·   registered: Sep. 29th, 2005
id 8775319
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grubs ( member #77165) posted at 2:47 AM on Tuesday, January 31st, 2023

Seek legal counsel and do your best to get a draft separation agreement in place that defines who is responsible for what. Doesn't have to be prefect but should cover most of what you ask. Or at least try to suggest and her agreement in writing what you think is reasonable. For the kids you really want to define what is a joint bill and what isn't.

posts: 1624   ·   registered: Jan. 21st, 2021
id 8775466
Topic is Sleeping.
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