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Financial Planning / Tax Strategies


Subject:  Re: Bad Debt Date:  12/11/2007  10:14 PM
Author:  TMFPMarti Number:  97176 of 127613

We don't have a property settlement. Basically, he keeps what he had, and I keep what I had. He bought the house before we were married, so I let him keep it.

Your second sentence sounds like a property settlement to me. I've never seen a divorce decree that didn't deal with property and debts, but maybe they do things differently in NC.

It doesn't sound to me like you have a bad debt for tax purposes. For starters, assuming the debt remains valid after the divorce, you have to try to collect. See IRS Publication 550. He has assets. Why aren't you collecting the debt?

It sounds like you're trying to do the divorce without lawyers, and it seems to me that's leaving you with some unresolved issues.

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