Legal Question in Family Law in Washington
divorce settlement
My ex-husband and I settled our divorce with assets of $26000.00 so each of us would get 50%. Our assets are tied up in snowmoblies, trailer and so on. He didn't want to give up any of his toys, so he took one of my credit cards ($13000.00) and said he would pay it off. Well he call the bank and settled for $8400. SO out of the assets of $26000 he got $17600 and I only got a 8400 cc paid off. Should he owe me the difference of 4625?
1 Answer from Attorneys
Re: divorce settlement
The short answer to your question is "no." You could potentially have negotiated the same deal. At the same time, bear in mind that credit card companies don't just toss debt aside. Your husband will not be issued a 1099 or a 1098, showing the discounted debt as income paid to him, which he has to report and pay taxes on. So, while there is a discount to him, even the discount has a cost associated with it.
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