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#772546 - 09/19/16 03:41 AM Hassle-free divorce? How?
Timmy Offline

recently joined

Registered: 09/19/16
Posts: 5
Hi guys. New to the forum.

My wife and I live in California and have decided to get a divorce after 7 years of marriage. We have no kids or properties that we own. We each will keep our own cars and we have some savings that we already looked over and have decided how to divide them. So basically, we just want a smooth divorce and keeping the costs to a complete minimum since we're in complete agreement about everything. We consider ourselves friends now and are both seeing other partners with whom we are both happy.

Any advice is appreciated!

Thanks,
Tim

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#772547 - 09/19/16 03:51 AM Re: Hassle-free divorce? How? [Re: Timmy]
Timmy Offline

recently joined

Registered: 09/19/16
Posts: 5
Something else I forgot to add...

My wife has student loans and she wants to make sure I am not liable for them after our divorce. I don't even know if I ever would be liable but we're not clear on it. I did not co-sign on her loans. And vice versa, I have a car that's being financed for another 3 years that I don't want her to be liable for. She did not co-sign for the car. Is this something that would need to specifically be written out in a marital settlement agreement or do we automatically stop being responsible for each other's financial liabilities after the divorce? Especially since neither of us co-signed?

Thanks guys!

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#772548 - 09/19/16 04:20 AM Re: Hassle-free divorce? How? [Re: Timmy]
MinnesotaMom Offline

old hand

Registered: 01/05/11
Posts: 770
You address each asset as you stated here. Your wife's student loan will 100% follow her. Your divorce should be easy. I would have a paralegal help you write it up, an attorney to quickly examine it and a judge will more or less rubber stamp it.

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#772549 - 09/19/16 11:41 AM Re: Hassle-free divorce? How? [Re: MinnesotaMom]
TJMH Offline

enthusiast

Registered: 07/17/15
Posts: 339
If the student loans and the car loan were acquired during the marriage they may be considered community property, but you're free to assign them as you'd like in your marital settlement agreement.


You'll also want to address the issue of spousal support. You didn't mention it so I assume neither of you is seeking support, but your agreement needs to say that in case it becomes an issue in the future.

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#772550 - 09/19/16 06:15 PM Re: Hassle-free divorce? How? [Re: TJMH]
Timmy Offline

recently joined

Registered: 09/19/16
Posts: 5
Yes, neither of us are seeking spousal support.

Just to recap....what are important points to work out in the marital settlement agreement? So far we've got:

Savings
Debts/Loans
Spousal/child support (we don't have kids)
Cars
Little household appliances

I can't really think of anything else. I guess it's difficult to recognize all the ties that are there while you are in the middle of it so if anyone has any more suggestions let me know! thanks

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#772551 - 09/19/16 06:36 PM Re: Hassle-free divorce? How? [Re: Timmy]
TJMH Offline

enthusiast

Registered: 07/17/15
Posts: 339
If you've got retirement accounts (IRA, 401k) those should be equalized separately since the tax treatment is different (that is, $1000 in IRA money which will have tax owed when it's withdrawn is not the same as $1000 cash today).

On cars, if you're both on the title you need to do a transfer. It's a fairly simple form & small fee with the DMV, and if it's a transfer due to divorce there won't be any sales tax consequence

On household stuff at one point one of the lawyers wanted us to go through and inventory and assign values to everything so we could divide it according to equal value. We decided not to do that, we just came up with rough equivalencies on the major items (like "you get the dining room set, I keep the living room furniture"). We assigned an overall value to that stuff and just agreed that we were each getting half of that value.

Even if neither of you is seeking spousal support now, you want to specify whether the court "retains jurisdiction" over it. If the court retains jurisdiction either of you could go back later and request a modification to award support. If you agree that the court's jurisdiction should be terminated then that's it, neither can request support in the future.

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#772552 - 09/19/16 08:24 PM Re: Hassle-free divorce? How? [Re: TJMH]
Timmy Offline

recently joined

Registered: 09/19/16
Posts: 5
Great thank you. We will make sure to put into our agreement that the court's jurisdiction should be terminated effective the day we sign our marital settlement.

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#772881 - 01/06/17 11:50 PM Re: Hassle-free divorce? How? [Re: Timmy]
knoxfamilylaw Offline
newbie

Registered: 12/07/16
Posts: 25
Loc: Melbourne, Victoria, Australia
Sounds like you already have all the agreements worked out, you just need someone to draw out the paperwork.
_________________________
Accredited Family Law Specialists - http://www.knoxfamilylaw.com.au

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