Can annuities be split in a divorce if commingling exist?
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Can annuities be split in a divorce if commingling exist?
Whether the annuity can be split is determined by whether or not it is considered marital property. This will depend on the state in which you live, but in general, if one partner owned the annuity prior to the marriage and did not pay any premiums into it during the marriage, the original owner maintains full rights.
Who is responsible for debt in a divorce?
A court will generally take the position that debts accrued during the relationship, either jointly or individually, were for the mutual benefit of both parties with mutual knowledge or consent of the other party and therefore responsibility is shared by both parties.
Should I pay off credit cards before divorce?
If you have any joint debt with your spouse and you can afford to, we highly recommend paying off all marital debt, even before you draw up the divorce papers. For example, if you have $5,000 in joint credit card debt, pay it off before the divorce is finalized.
Who pays mortgage during separation?
Most commonly, if you remain living in the home, you should pay the mortgage and expenses for the home, pending sale. Your ex-partner, who has moved out, may not be able to make their income stretch far enough to pay their own rent and living expenses as well as contribute to expenses for the marital home.
Does my husband have to pay half the mortgage if he leaves?
Even during a separation, both of you are responsible for paying any joint debts such as your mortgage loan. It doesn’t matter if only one of you continues to live in the home. You must still pay your mortgage lender regardless of being separated or filing for divorce.
