Hi,

I am thinking of either filing for divorce or separation. My question is, my WH's company loses money, we take very little $ from it.

Would I have to pay my WH $ for support?

Thanks!

Not enough info known. Long marriage may equal alimony - if only rehabilitative (short term).
My X owned a business and I helped out. What he reported for taxes, and what was actually the profit of the business were quite different. The IRS allows you to purchase new equipment and immediately expense it, to reduce current taxes. To analyze the profitability of a business, you would allocate purchases over the period used, and it's highly likely your H would show a profit. Do you know accounting? Can you figure it out? There are some basic metrics you can use to "impute" income to your H. In some businesses it is merely a % of sales/revenue. If it's consulting, it could be based on revenue or billable hours. Could he get a job making more money if he so choose? then you could base calculations on what he is capable of making, vs. what he is actually taking out of th business.
Knowledge is power. Do you have the financials of the business or can you get them? YOur lawyer can help you here. (ps. most lawyers aren't numbers types).

Hi Newly,

We have been married 23 years. I worked the whole time except for a year after the birth of our third son, which I finished up my BA in Accounting. One could argue that he supported me in obtaining the degree. I took positions that allowed flexibility due to having three sons, which meant less pay than WH, up until '97. It took me about 2-3 years at that point to pass WH in wages, he does not have a college degree, he does have about 3 years of college.

WH was laid off from a large corporation in 2003, which is the pt. he bought the biz from his best friend. We lived in NJ at the time, the biz was in OH, which is where we are origninally from. Long story short, I came to OH to work on the M, found out his A was still going on long distance.
I still continued to work on the M, there was/is NC since 11/04 with the OW. I am at the end of my rope, trying to hold down a job, I do the accounting for the biz and our personal. WH has raided his 401-K for the biz to the pt. there is only $3k left. I have taken a $29K loan from my 401-K for the biz to pay off his best friend for the biz, which was definitely not worth what WH paid for it. I cannot change what I did in the past, but I certainly want to make better decisions for myself and the boys in the future.

As I do the financials, I do have access to them. The IRS did change the rules about expensing capital purchases btw, but in our case, it really doesn't apply. The biz is supplying Kitchen/bathroom cabinets for builders and remodelers, we do not carry an inventory. Our credit is horrible due to the lack of income from WH, we cannot financially pay all of our bills, we juggle. Our credit card debt is huge, due to cash advances for the biz.

My credit score is so bad, I can't even admit to it, it is embarrassing.

Any advice would be appreciated.

I wish I had some advice. I know I researched the multiples for the business. That is Income should be 20% of revenues, after all expenses.
At least your boys are older, and you are educated and can pick yourself up.
I'm from OH, and live in NJ. I don't know where you live, but at least you should be able to afford a decent place to live in OH, it's far cheaper than here.

Newly, that is ironic, where in NJ do you live? I lived in Warren county for 10.5 years in NJ, it is very pretty there!I still go one week a month for my job, which is in Morristown, NJ.

As far as cheaper, it is all relative. We pay high property taxes here to support the school system, which is excellent, the taxes are higher than NJ if you can believe it! And OH is one of the most taxed states in the US, sales/use, CAT (personal property tax) income tax at the state, county and local level, property tax...on and on! Food and utilities are actually higher here than NJ, wages are much much lower. Houses are cheaper though.

As for the income, my husband's biz doesn't make money, so there isn't any income after expenses :-(.

I'm in Hunterdon Cty. About 45 min. from Morristown. And I really can't believe anything could cost more than here (excl. coasts).
My family in OH can't understand the costs here, everything seems so much cheaper there.
Good luck. It sounds like you are in a hard place.

Newly,

Hunterdon Cty is very pretty, and I'm sure your house appreciated a lot in the last 5 years. Ours did not see such a big jump as others areas as it is still pretty far out there. We lived just a few miles from PA. It still rose in value compared to here though. I couldn't touch a house there now, I probably would have to buy in PA and work in NJ, which I am considering. My youngest son's friends mostly attend Bethlehem Catholic HS or ND in Easton.
He wants to live there, he hates it here. It is hard, but I know I will make it either way.

Thanks for posting.

Nab & Newly,

Where abouts in Ohio do you live now/are you from? I grew up in one of Cleveland's eastern suburbs. Live in Houston, now. Cymanca who is on the GQ2 board is also from Cleveland's near east side. CarenMC is also from Ohio - Grove City.

Regards,

BB

BB,

I live in a suburb of Toledo, SW of the city. I am originally from Toledo, but everyone has moved out to the 'burbs here! I think 2334pem(i think the name is right) is from Toledo as well. Houston is a lot different than the midwest, but then again, so is the east coast! Life here is definitely slower paced, it took some adjusting to when I moved back. Course the traffic is a lot better!

Nabohio,
I bought in 2003, and I could not have afforded my house now, even though it is small. My house was one of God's gifts through the divorce. I had just had a seller back out of a house 2 weeks before closing and I was devasted. This house was the exact same price, in a far better area.
It was like a blinking sign "this is your house, take it now". I made an offer the first day it was on the market, and it was an estate sale so they took the first off (no bidding) and took the sign down so no one else could step in).
The house has good Karma. Bad layout, but good Karma. I really feel blessed when I look around my home, and my neighborhood.
Many of my coworker live in ABE area and drive in because that's the only way to afford it.