(Man divorces wife before claiming lotto prize.) Would you do the same?

[Gothic Sponge]

http://www.cnn.com/2005/US/01/06/lotto.delay.ap/index.html

[eyesroll]

1. Wisconsin doesn't care.

If you're married when you buy the ticket (and you don't have temporary orders in place stating your intent to divorce and that all property is now considered separate), it's marital property.

I am mid-divorce. I have no such order. Therefore, I buy a ticket, he gets half of the proceeds, whether I cash it in before or after the divorce is final. (In fact, if I wait until the divorce is final, I could be held in contempt for concealing assets.)

[tcfrogs]

4. You're not hiding a winner under the mattress, are you?

[Lydia Leftcoast]

2. Well, the story says that she gets 5.25 million

It's not as if he took the whole thing and left her living in a tarpaper shack with no electricity.

That amount of money wisely invested means that she never has to work again. Even if she takes $100,000 a year out of the principal, it will last for 52 years.

[jukes]

3. i wdnt

we can't get divorced 'cause we're too fucking *poor*!

it really sucks.

[loudestchick]

5. She shouldn't get anything if they weren't sharing assets at the time.

That being said, the child support should be sizeable. It's his child and if she has physical custody she'll see some benefit...

[bleedingheart]

6. the article states he gave her over 5 million and gave 1 million

for her to care for his son....

[loudestchick]

7. I read the article. I'm saying, from my point of view, she SHOULD get zip

And the money for the maintenance of their child should be held in trust...too many kids get screwed out of what the deserve because of poor parental restraint.:hi:

[bleedingheart]

8. funny that he doesn't want to take custody of the child since

he is keeping the bulk of the money...

personally I think is is kind of funny that his son didn't get $5 million in trust...just $1 million to help raise him????

but like all lotto winners I am sure he will end up pissing it away on junk and appear on Dr. Phil in about 5 years crying the blues that he has nothing left...

[loudestchick]

9. This is what I'm sayin' to ya!!!! That kid is going to pay

for his parents'issues. They'll run thru the money...add debt on top...and then how's their kid going to pay for college?

I'm a little stressed about money...we've had to halt our contibutions to college funds...I hope it's temporary.

[bleedingheart]

10. I can already tell by the settlement that both parents aren't worried

about the kid...that is what I am pointing out..

My hubby and I have been tightening our belts..he got laid off last year around this time..found a job but we are still skittish...the economy just sucks..

[loudestchick]

11. Right there with you!

:hug:

[Sandpiper]

12. If it's a community property State

It matters not a whit if the guy didn't cash in the prize until the divorce was finalized. If he bought the ticket while they were still legally married, it's considered an asset acquired during marriage and the wife is entitled to half.

[TXlib]

13. They may have been separated, but they were still married.

Therefore, she is entitled to a portion. In fact, after tax, and taking the net present value of the winnings, between her and her son, they probably got half, or more of the total.