divorce360.com provides help, advice and community for people
contemplating, going through or recovering from divorce and the issues around it,
including separation, divorce laws, spousal support and emotional issues.

ADVERTISING PARTNERS


Answers
You can search for Answers by tag here:

Invite Others
Invite friends and family to join you on d360! - Click here
where do I start
Our checklists are a great place to start. Or, get a quick review of your state's divorce laws with our Legal Cheat Sheet.
  Posted to group - Money matters    <<Previous    Next>>

Amicable divorce..need guidance

My wife and I are divorcing after 15 years of marriage. We have 2 children 14 & 10. We own a condo and had pulled the equity out of the property earlier this year, about $100k, and it is sitting in a savings account earning interest (about $400/mo.). I have $75k in 401k and she has $16k in her retirement accounts. We currently rent out the condo we own together, currently at a loss of $200/month. We are ok with the loss as it helps us pay down the mortgage. We live in a larger home that can accommodate the children at $800/mo rent to a family member. The children both go to private schools and we would like to continue their education in that manner. I make about $80k she just started a new job and now makes about $25k. We have $16k in combined debt. We agree on the custody of the children, kids stay with her and I get full visitation. We agree we each keep our own vehicles. I agree that I would take on the entire $16k debt and pay for her $800/month in rent. We agree that the interest that the $100k earns may be used to help pay down our debt (currently at 0% interest) I agree to pay for the kids private school & health care. She agrees to cover legal fees, kids books, fees, medical co-payments, medicines and such. Retirement accounts would be split 50/50. My questions are these: Is paying for private school considered child support? Is paying for kid’s health care considered child support? Is paying for her rent Alimony? We want to keep title to the condo under both our names & possibly include the children. Should we change the title of the property? Since I make more income, should I claim both children in taxes or just the youngest? I need a place to live & we don’t like the idea of throwing money away in rent for a second location. We are considering using $75k of our $100k as a down for a bank owned property where we will both hold title. We want to have our children inherit our properties. What are your thoughts?

by hozr   1 Post 
Posted on 12/24/2007 8:53 PM
Get AlertsGet Alerts!
Sent to Friendsend to friend
0

Tags:


Answers for "Amicable divorce..need guidance"  (2) (You must be logged in to answer)




Paying for health care does count as child support - at least it does here in Oregon. I believe paying private school tuition counts as well. I would suggest running the various scenarios through a child support calculator for your state and see how you two fare. I would also talk to both a financial planner and a lawyer (or mediator, if you'd rather.)
by Betsy-Richter   65 Posts
Posted on 1/2/2008 2:01 AM
0





this is impressive how well you two are handling this divorce and thinking about the children. your ideas are good. but i would talk to a financial planner to make sure you're on the right track for the kids.
by Vicki   856 Posts
Posted on 12/26/2007 11:14 AM
0







Divorce360.com is not a substitute for advice from a lawyer, accountant, financial planner, therapist or other professional to obtain advice. Divorce360.com is not intended to, and should not, take the place of professional advice. The opinions expressed in the divorce360.com message boards are those of the author and the author alone. Divorce360.com does not endorse any specific product or service.

 
divorce Community::
popular blogs
If filing for divorce and joing custody; put a distance clause!
I always think I've heard just about everything when it comes to joint/shared...read more 

Another night...another conversation..in the end the same outcome
My STBX called the other night when he was drunk..he wanted to come over.  I...read more 

Vent from "The Mouse That Roared"
Hi all! I haven't been on the site much (as some of you have noticed) as...read more 

get/give answers
lawyer
Anyone have a good lawyer in Washtenaw county,...Read Answers/share yours 

settlement stuff
Hi, I am getting a separation in MI. Heres the thing..I am in school and will...Read Answers/share yours 

It's ALIIIIVE!
Hello! It's been a long time since I posted anything. Truthfully, it's been...Read Answers/share yours 

expert Q&As
Faith Therapy : Does a Separation Work?
My Husband and I Are Having Trouble. Is It a Good Idea for Us to Separate?...read more 

Stress Relief: Tips to Help after Separation
Mental Health: Overwhelmed by Changes in Household Routine. What Should I do?...read more 

About Law: Do Divorce Kits Work?
Legal: What You Should Consider When You Think About Divorcing Using a Kit...read more 

expand information center
divorce360.com's ecards
divorce focused content ::
divorce most popular ::
1. When Is a Marriage Worth Saving?
10 Things to Think About When Considering Whether to Stick with a Relationship

2. 8 Things No One Ever Tells You about Divorce
Number Three May Surprise You

3. Beginning Checklist: Planning to File for Divorce
12 Steps to Consider if You or Your Partner Have Decided to File for Divorce

4. Divorcing? 15 Costly Financial Mistakes
Settlements: 15 Critical Financial Mistakes Often Made in the Heat of Divorce

5. Get Spouse's Text Messages
Text Message Extraction Products Aren't Very Effective for a Novice or Expert