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Post by greatcoastal on Dec 24, 2017 18:12:18 GMT -5
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Post by greatcoastal on Jan 30, 2024 21:35:19 GMT -5
Why divorce is so expensive in the U.S.
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Post by toughtiger on Jan 31, 2024 9:01:22 GMT -5
my grandmother had a stash she actually called her mad money.... I think many things factors into this ... if account is joint even if one partner is stay at home... ONE spouse should not be able to close or limit access....legally. skimming off may be fine but where to keep your "Mad Money"........... you may not want to open accounts, savings/ investment as that could be found in looking for all assets to split... the cost of most legal things is expensive simply for one word LAWYERS ...... |
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Post by donman on Feb 8, 2024 3:19:37 GMT -5
I agree, joint accounts can get tricky, especially if one partner tries to pull a fast one. Skimming off the top might be cool, but hiding it is an art! I've heard horror stories about everything being fair game in a split. Thinking about where to stash it without leaving a paper trail is like a puzzle. Opening new accounts could be a giveaway, so finding those secret nooks is key. And yeah, legal stuff is no joke. Lawyers seem to sprinkle magic legal dust on everything. Side note, have you ever had to deal with a Mortgage Broker in Skipton during all this chaos? It's like adding another layer to the mix. Any tips on that front? |
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Post by DryCreek on Feb 8, 2024 9:52:52 GMT -5
If your goal is to keep the funds private / under your control, you can simply open a bank account in your name only and set it for paperless billing. Maybe set the mailing address to your parents’ house. As long as it’s not interest-earning, it’ll never cross the radar (e.g., at tax time). In a divorce, the account would need to be disclosed, and the contents would be community property. For a lot of ordinary purposes, this fits the bill.
Cash, on the other hand, “doesn’t exist”. It’s probably a good idea to have some hard cash stashed for emergency use. Maybe enough for emergency travel. Especially if it wasn’t a sudden recent withdrawal, it can simply be explained away as being spent.
In a related line of thought… when divorce is filed there is a court requirement that no money movement occurs except to pay routine bills. This includes changing where your payroll gets deposited, so make those changes beforehand if you want to keep control of your paycheck. In practice it seems the courts don’t have teeth, and if you leave funds in a shared account (especially if your payroll deposits go there), don’t be surprised if your STBX spends it while the divorce drags out.
If you are the breadwinner, it’s downright amazing how unmotivated your STBX can be to negotiate a settlement when they have unlimited access to your life savings and can continue their lifestyle as long as the divorce drags out. It’s an aggressive move to drain joint accounts into individual accounts before filing (and this doesn’t change how assets will be split), but it might be a critical strategic move.
DC
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