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Confused and worried about the future finance

Tagged as: Big Questions, Family, Marriage problems<< Previous question   Next question >>
Question - (20 June 2008) 2 Answers - (Newest, 20 June 2008)
A female , anonymous writes:

My fiance and I have been a couple for over 2 years and have been engaged for 6 months. We have a date to get married this December. He and I both divorced with 2 kids each. Mine are 13 and 15. His are 5 and 9. Him and his ex-wife (of 11 years marriage) divided up their kids, so they each take care of a kid. He pays $1000 every month to his ex for child support until the kid reached 18. I just discovered from him the other day that he will have to pay his ex $500 each month after their kids reached 18 or pay a lum sum of $50,000. This is for alimony and based on their divorced decree.

I'm a homeowner and he is not. Even with the upside down mortgage market, my home still has a capital gain of at least $75 - $100K if I put it on the market.

His annual salary is $95K and mine is $65K. Neither have credit card balance. His ex-wife is a spendthrift and short all the time. She is a 3rd grade teacher and about to lose her job due to education budget cut.

Can she legally ask for additional child support after her ex-husband and I married and have a combined income? Should I have my fiance sign my prenup? Should we keep our finance separately after we got married?

View related questions: divorce, engaged, ex-wife, fiance, her ex, his ex

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A female reader, Tisha-1 United States +, writes (20 June 2008):

Tisha-1 agony auntSounds to me like you should set aside a couple hundred dollars and go see an attorney with experience in domestic law and finances to make sure that what's yours and what's his and what's owed to the ex-wife are carefully spelled out. I'm not an expert in this, and I don't really have any better advice than that.

Smiles has given you some really good advice, so listen to her!

Congratulations on your wedding plans, by the way!

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A reader, anonymous, writes (20 June 2008):

You have two children to take in consideration.

You should not consider getting married without a signed "prenup".

That will just protect you financially and also your children. Can you imagine, a few years down the line, selling your house to pay his ex, and then if things don't work and you get a divorce?

There is no gaurantees in life, do not risk your assets.

You should also have a will, leaving at least your house to your children.

I suggest you and your fiance must discuss all these matters now, before getting married. Decide who will pay what or contribute towards what.(Personally I whould suggest you keep your finances separate).

I know it might not seem all that important now, but you have to. These are the things that can cause lots of problems and unhappines later.

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