Tiger Moth Posted March 26, 2006 Report Share Posted March 26, 2006 Last year I married a Thai woman (registered at Ampuh). According to US Tax Publication 17, you are considered married for the entire year if you are married on the last day of the year. There is a significant tax advantage to me if I file a "Married Filing Jointly return" as compared to filing as Single. My wife and I will be divorcing in a few weeks. There will be an Adendum to the Thai divorce document stating that I will provide a lump sum payment to her and there will be no further financial obligations, that all assets and income for either parties will be separate and no further claim by either party can be made against the other party. While there is a compelling reason to file as "Married Filing Jointly", I am slightly concerned that even with the Addendum to the Thai divorce document, I might be at risk for some future finanacial obligation (such as, part of my retirement income). Anyone who has insight or experience in this regard, I would appreciate input/guidance. Thanks Link to comment Share on other sites More sharing options...
cardinalblue Posted March 28, 2006 Report Share Posted March 28, 2006 What i was told was if you kept your accounts separate meaning you did not contribute one additional penny from the exact date you married AND beyond, then she has no say in those accounts... If you continued to contrinute say a 401k or ROTH IRA (as examples only) after the time you married her, she could gain access to those monies. Her name does not need to be on those accounts as long as you contaminated those funds from the date of your marriage and thereafter... Obviously she would have to hire an attorney and go after your money. Based on if you have significant wealth, it would be to her advantage to do so.. keep quiet and maybe she will be happy with the lump sum payment you are giving... CB Link to comment Share on other sites More sharing options...
nkped Posted April 2, 2006 Report Share Posted April 2, 2006 Apologies if I am stating the obvious, but to file jointly, she will need to sign the tax return. Also, if there is a refund, her name would be on the refund check and she would need to indorse it. No idea as to the requirements for direct deposit on the refund when filing jointly. Link to comment Share on other sites More sharing options...
cavanami Posted April 3, 2006 Report Share Posted April 3, 2006 In the USA, I have taken the IRS tax refund check and deposited it into a joint bank account, unsigned. However, up to the bank, as they seem to do things in different ways. Link to comment Share on other sites More sharing options...
DirDrill Posted April 3, 2006 Report Share Posted April 3, 2006 For your 2005 tax's filing Jointly is okay as long you were married in 2005 (I assume) and there is no penalty or liability in doing do. Now if you divorce in 2006, as you seem to be, then you CAN NOT file as married jointly for your 2006 retrun. If at any time during the tax year you become divoreced that ends that filing option. By filing Jointly she will not be entilted to anything as long as the Judgement or Addendum states that this is a lump sum payment in lieu of further compensation and she forgoes all rights to further compensation. Addtionally in most US states, your State of Residence (your last domicile or state state) my be different but you can check it on the web, a marrige of less then 10 years is consisdered a short term marrige and she does not have the right to resue you for addtional support if your "circumstances" change. If you have any Pensions or IRA or 401K she will only be entitled to the amount that was deposited and earned during the course of the marriage. She will however be entitled to any earnings/losses on that portion at a later date unless you pay her the amount due now. You can hire any family law lawyer in the US to calculate it and file it with the courts for you, it'll cost about $1000 to do that. Link to comment Share on other sites More sharing options...
DirDrill Posted April 3, 2006 Report Share Posted April 3, 2006 Also for the Tax refund if file electronically and do a direct deposit to your account she does not have to sign the check. Best to give her half though, do it with proof such as a wire transfer to her bank account. Link to comment Share on other sites More sharing options...
cardinalblue Posted April 4, 2006 Report Share Posted April 4, 2006 As I stated, if you did not contribute to your IRAs, pensions that you started before your marriage, she has no legal access to that money.... She would only have access to funds or accounts you contributed during the marriage like a new joint account... As long as you do not contaminate your existing funds from day one of your marriage.... CB Link to comment Share on other sites More sharing options...
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