Long Term Strategy To Protect Oneself

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Long Term Strategy To Protect Oneself

Unread postby Mtg1+ » Thu Apr 20, 2017 5:45 pm

Having problems and thinking Divorce down the line. Couple of kids and no real assets other than 401k (70k) for me and liquid funds in my own and my business account (6 figures).

I am 100% owner of this corp and it was registered/incorporated PRIOR to the legal marriage.

She worked for most of the marriage at her own job and 1 yr ago was laid off and subsequently filed for unemployment. My income has been dramatically rising over the past 2 yrs. I take a salary from my corp and report corp income on our joint tax returns.

She has skills to get a job, but, we had previously talked about taking care of the kids and being a stay-at-home. Big mistake, as she has proven to be more of a bon bon eating couch surfer than actively running the household.

What can I start to do NOW if in 6-12 mos I want to call it quits? Seems rather unfair that I would be on the hook for a big alimony and/or child support b/c my business is doing well and she watches TV all day. Community property state.

My Thoughts:

Start transferring money to a sibling every month and at the end of year 1099 them for work done for the company thereby moving money legally? This would move money elsewhere AND the write off would reduce my taxable income; kind of a 2 for 1 deal.
Withdraw some cash every month and before I file; close the accounts?
Gift money to a parent?
Purchase Real Estate by my corporation out of state?

I don't think she would go the route of a forensic accountant; but, you never know.

Any help is appreciated.
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Re: Long Term Strategy To Protect Oneself

Unread postby Fatheroffour » Thu Apr 20, 2017 5:48 pm

If her attorney catches a whiff of chicanery you'll end up spending tons on legal fees.

And the court could sanction appropriately.

What are your custody goals?
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Re: Long Term Strategy To Protect Oneself

Unread postby Havalu7 » Thu Apr 20, 2017 6:04 pm

What state are you in OP?
"No." is a complete sentence.

Do not move out of your house.
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Re: Long Term Strategy To Protect Oneself

Unread postby RockyCali » Thu Apr 20, 2017 6:37 pm

I sure hope there's some information eventually provided about how OP plans to be a terrific dad. I only read financial stuff.
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Re: Long Term Strategy To Protect Oneself

Unread postby spritom » Thu Apr 20, 2017 7:01 pm

RockyCali wrote:I sure hope there's some information eventually provided about how OP plans to be a terrific dad. I only read financial stuff.


First posts are commonly financial. I think mine was too.
Not a knock on the dad, but dads are in a tough spot these early days and trying to "solve it." And sometimes the financial questions, I'm guessing, are easier to define in those earlier days.

Start transferring money to a sibling every month...
...
Gift money to a parent?
...
Purchase Real Estate by my corporation out of state?


Most all of that can be sniffed out really easy and I'd say don't try it.
Stashing relatively small amounts of short-term petty-cash for immediate needs less easy to be sniffed. But the Enron-style thing is catchable and if caught, you'll lose a big chunk there.

Note 1: Impute
Both parents are expected to maintain a full time employment. Therefore, you'll beat the drum tirelessly that her imputed income equals $xx,xxxx. Base this on what she made before, what she made at the company, minimum wage...anything. But in any (and all) calculations and discussions, you never waiver from that message.

Note 2: Company Ownership
You owned it before, so she's not part of getting that.
However,
(and this varies by state)
...for things that grow during the marriage (such as a house that you owned before the marriage, but the value grew during the marriage) there is a possibility you could face the idea that the growth of the value could be on the table as part of the split.
* Company before marriage = $1.2mil
* Company now = $1.6
* Then $400k on the table as a common asset
* So $200k to her in some form (cash, shares, Bon-Bons)

But yeah...that Joe-Pesci-Lethal-Weapon-2-laundering-thing...it's been tried a bunch.
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Re: Long Term Strategy To Protect Oneself

Unread postby Mtg1+ » Thu Apr 20, 2017 8:58 pm

Replied; but, seems my post disappeared.

Summary: in CA and was informed that 50/50 legal and physical custody is normal. So, I am ok with that being I get the kido's half the time.


Needing to see what can be done financially. I sacrificed everything to let my spouse have her "dream" and be a stay at home mom; only to see her become a lazy slob who is not helping in the household, which I feel is somewhat detrimental to my kids. Thinking about moving on in the future and wanted some input.
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Re: Long Term Strategy To Protect Oneself

Unread postby Trevor » Thu Apr 20, 2017 9:19 pm

Implement a household austerity program to get her fatass back into the workforce. It's your income, manage it how you see fit. She doesn't like it? She can manage her own income. Completely fair.
"Personal density is directly proportional to temporal bandwidth."
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Re: Long Term Strategy To Protect Oneself

Unread postby Tom Kirkpatrick » Thu Apr 20, 2017 10:53 pm

Mtg1+ wrote:What can I start to do NOW if in 6-12 mos I want to call it quits?
Use that time wisely. Work on a game plan.

Read The List, then build a list of your own. You should be keeping a well-written journal and parenting time tracker. You should also have a digital recorder up and running any time you're around her. It'll be your only defense against phony DV charges.

http://forum.dadsdivorce.com/viewtopic.php?f=9&t=13374

Maintain radio silence. Implement financial austerity. Make her get a job. Do not move out.

These are the fundamentals. Build your case from there.

Tom
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Re: Long Term Strategy To Protect Oneself

Unread postby RockyCali » Fri Apr 21, 2017 11:58 am

spritom wrote:
RockyCali wrote:I sure hope there's some information eventually provided about how OP plans to be a terrific dad. I only read financial stuff.


First posts are commonly financial. I think mine was too.
Not a knock on the dad, but dads are in a tough spot these early days and trying to "solve it." And sometimes the financial questions, I'm guessing, are easier to define in those earlier days.


True, but it was to-the-point responses like mine that snapped many of us out of the focus on "fixing the money" before upping the daddy game.
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Re: Long Term Strategy To Protect Oneself

Unread postby Mtg1+ » Fri Apr 21, 2017 12:18 pm

Thx for the responses.

So, none of the suggestions I made regarding financial strategies are feasible or recommended?
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