How much in assets?

[tony'sgirl 0]

How much in assets do I need to have if I don't have anyone who will co-sponsor for us and if my income is below the guidelines? I don't see any specific dollar amount anywhere, just that I have to be able to support my fiance when he gets here....

[Stephen + Elisha 92]

Here are the pertinent sections of the I-864 affidavit of support instructions:

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included.

In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size.

However, if you are a U.S. citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference.

In other words, any assets used to make up the difference between your income and the poverty guidelines will only be counted at 1/3 of their value.

At the visa interview, the State Department does not establish any hard-and-fast rule. The applicant (your fiance) must demonstrate to the consular officer's satisfaction that he will not become a public charge once in the United States. Thus, your mileage may vary based on the consulate. That said, they will often apply a similar or identical standard to that used to adjudicate the I-864.

Your best bet at the K-1 stage is to do some research on the particular embassy/consulate where your fiance will interview: find out how they handle the support/sponsorship requirements. But you'll also want to keep in mind the I-864 rules, because they come up again when it's time to adjust status (apply for the green card) after you get married.

Edited January 29, 2012 by Stephen + Elisha

[tony'sgirl 0]

Ok, great! So another question is this... My "income" consists of child support and alimony. I do not have tax records for the past 3 yrs for this reason. Will this be a problem? Also, is the child support considered income? And are my 2 minor boys considered my dependents or my ex husbands dependents. I have full custody but he sees them every other weekend and pays child support? And do I count my fiance as my dependent while figuring out if my income is sufficient? So sorry for so many questions!! Thanks so much!

[Tim/Mav 305]

Ok, great! So another question is this... My "income" consists of child support and alimony. I do not have tax records for the past 3 yrs for this reason. Will this be a problem? Also, is the child support considered income? And are my 2 minor boys considered my dependents or my ex husbands dependents. I have full custody but he sees them every other weekend and pays child support? And do I count my fiance as my dependent while figuring out if my income is sufficient? So sorry for so many questions!! Thanks so much!

Child Support is considered Income is you have records of continous Support by Bank Records, Payments, etc. If the Children reside with you over 50% of the time and you have Custody they are Considered YOUR DEPENDANTS. If petitioning then you will need to add another dependant. So the Household is 4..... (Finance) Alimony is also considered Income if steady and proof. No Tax returns will hurt. Meaning: Not working.

Are you on Goverment Assistance. (Food Stamps/Medical ?)

You have to determine what you Annual Income is. Someone can answer the requirements for a Family of 4 but I'm going to ASSUME about $28.000.00 per year. Thats hard to CUT.

[tony'sgirl 0]

Ok, thanks so much. That's what I was afraid of

[KayDeeCee 4,893]

Ok, great! So another question is this... My "income" consists of child support and alimony. I do not have tax records for the past 3 yrs for this reason. Will this be a problem? Also, is the child support considered income? And are my 2 minor boys considered my dependents or my ex husbands dependents. I have full custody but he sees them every other weekend and pays child support? And do I count my fiance as my dependent while figuring out if my income is sufficient? So sorry for so many questions!! Thanks so much!

Your household size would be you, your 2 children and your fiance. That is a total of 4, and you would need to have $27,937 to reach 125% of the poverty level. http://www.uscis.gov/files/form/i-864p.pdf

The alimony and child support count as income. You will just need to prove you receive them with a court order and show bank statements that prove the money is deposited to your account each month. For assets, you need 3x the amount you fall short. For example, if you make $20k but you need $28k, then you need 3x the $8k you are short, or $24k in assets.

Read through the I-864 instructions that tell about determining household size and what you need for assets: http://www.uscis.gov/files/form/i-864instr.pdf

[Hank_ 9,174]

Here are the pertinent sections of the I-864 affidavit of support instructions:

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included.

In order to qualify based on the value of your assets, the total value of your assets must equal at least five times the difference between your total household income and the current poverty guidelines for your household size.

However, if you are a U.S. citizen and you are sponsoring your spouse or minor child, the total value of your assets must only be equal to at least three times the difference.

In other words, any assets used to make up the difference between your income and the poverty guidelines will only be counted at 1/3 of their value.

At the visa interview, the State Department does not establish any hard-and-fast rule. The applicant (your fiance) must demonstrate to the consular officer's satisfaction that he will not become a public charge once in the United States. Thus, your mileage may vary based on the consulate. That said, they will often apply a similar or identical standard to that used to adjudicate the I-864.

Your best bet at the K-1 stage is to do some research on the particular embassy/consulate where your fiance will interview: find out how they handle the support/sponsorship requirements. But you'll also want to keep in mind the I-864 rules, because they come up again when it's time to adjust status (apply for the green card) after you get married.

That is not quite right "five times" or "three times" is multiply, 1/3 is dividing, and the wording is very clear... TIMES... mulitply.

Example: If there is a shortage of $5,000/year between income and requirement they would need $25,000 by the 5 times rule or $15,000 by the 3 times rule.

[Stephen + Elisha 92]

Hank_Amy, we're saying the same thing. If you need five or three times the difference between the poverty guideline and income, that means that assets are only counted at 1/5 or 1/3 their total value toward the poverty guideline. In your example, $15,000 in assets is required to make up a shortage of $5,000 in current income. 15,000 / 3 = 5,000.

Edited January 31, 2012 by Stephen + Elisha