What do I deserve after 21 years of marriage

[pjk0614]

What is the name of your state (only U.S. law)? Minnesota
My husband is a financial planner who started his business while we were married. I am co-owner and treas. I worked full time for most of our marriage but quit last year, at his request, and now work part-time. My question is how is my alimony figured when our business is based on a % of funds he manages. He decided to leave because he wants something younger, I just want to make I get what I am owed.What is the name of your state (only U.S. law)?

 

[OHRoadwarrior]

Get a lawyer, file for divorce and find out. Divorce court is not a convenience store. You don't shop for the best price. It is, what it is.

 

[ecmst12]

Why do you need alimony? You own a piece of the business, seems like that is a better deal for you than alimony.

 

[nextwife]

Why do you need alimony? You own a piece of the business, seems like that is a better deal for you than alimony.

Agreed. They both worked full time for the business the majority of the marriage and both own half the business income. Neither should really owe the other alimony, they both shared the business income and both had 21 years of marriage.

 

[disneykid52]

A pat on the back

 

[mistoffolees]

Why do you need alimony? You own a piece of the business, seems like that is a better deal for you than alimony.

Maybe, but I would be very careful about that - and make sure I have a good attorney.

First, there's the issue of getting her money out. I would not continue to own half of the business after divorce. It's too easy (especially for a financial planner) to hide income and make it look like the business isn't doing well - while continuing to pocket money.

They could ask the court to order ex to buy out her share, but the problem with this is that as a financial planner, the business is worth next to nothing without him, so any business valuations would be small - and her share would be tiny.

In reality, even though they jointly owned the business, he was the money maker and she was clerical help. It might be more reasonable to 'assign' each of them a percentage of income from the business and then determine if alimony is appropriate based on that.

OP really needs a good attorney.

 

[LdiJ]

Maybe, but I would be very careful about that - and make sure I have a good attorney.

First, there's the issue of getting her money out. I would not continue to own half of the business after divorce. It's too easy (especially for a financial planner) to hide income and make it look like the business isn't doing well - while continuing to pocket money.

They could ask the court to order ex to buy out her share, but the problem with this is that as a financial planner, the business is worth next to nothing without him, so any business valuations would be small - and her share would be tiny.

In reality, even though they jointly owned the business, he was the money maker and she was clerical help. It might be more reasonable to 'assign' each of them a percentage of income from the business and then determine if alimony is appropriate based on that.

OP really needs a good attorney.

I agree with Misto on this one. This is not the type of bricks and mortar business that has a high amount of assets and could be run by either party.

She needs a strong attorney to ensure that she gets her fair share of the marital assets and gets fair alimony.

Since she worked for him there is also the question that her resume is not going to be particularly good at this point. Her references would be questioned and likely considered to be unreliable. Therefore she is probably going to be needing some retraining to get back into the regular workforce.

 

[ecmst12]

She's been out of the full time workforce for less than a year. She should have no trouble getting back into it.

 

[Bali Hai]

She's been out of the full time workforce for less than a year. She should have no trouble getting back into it.

Her incentive getting back into the workforce might be watered down with free money handed to her.

 

[mistoffolees]

She's been out of the full time workforce for less than a year. She should have no trouble getting back into it.

That's true and should absolutely be considered. If she refuses to work, she should be imputed an income - there are clerical jobs out there.

HOWEVER, even if she's working, she's performing a clerical function which probably means $25-30 K in income. He's a financial planner which means he could easily be well into 6 figures. After 21 year marriage, she may still be entitled to alimony even if she's working full time.

 

[ecmst12]

OP never said what she did, I don't know why you are assuming she's a clerical employee. And even if she is, a good admin can make CONSIDERABLY more than 25k...more like 60-80k and up. There is no "just a secretary" anymore.

 

[LdiJ]

She's been out of the full time workforce for less than a year. She should have no trouble getting back into it.

Believe me, its not that easy when you have no available references...or only a reference that would be suspect. I had that same problem myself. I also know of people who worked for family owned businesses for many years, and then had trouble getting new employment for lack of non-related references.

And if her educational background doesn't match her work experience, then its even worse.

 

[mistoffolees]

OP never said what she did, I don't know why you are assuming she's a clerical employee. And even if she is, a good admin can make CONSIDERABLY more than 25k...more like 60-80k and up. There is no "just a secretary" anymore.

She said that she's the treasurer and working part time. That suggests that she keeps the accounts.

I don't know where you're coming from, but an accountant doesn't make $60-80 K and up in most small businesses. In fact, none that I know of. According to salary wizard, the AVERAGE accounting salary is $44 K. And given that OP is in MN, she's going to be well below average. Plus, it's not clear that she's a fully qualified accountant or is simply running her husband's business numbers. So my $25-30 K might be a bit low, but not by much. $60-80K and up is way out of line.

But even if she WAS earning that kind of money, it's still substantially less than her stbx would be making as a financial planner.

 

[Bali Hai]

OP never said what she did, I don't know why you are assuming she's a clerical employee. And even if she is, a good admin can make CONSIDERABLY more than 25k...more like 60-80k and up. There is no "just a secretary" anymore.

Misto is assuming she's a part time clerical worker outside the home because it makes OP's case for alimony stronger.

His wild assumption that the husband earns well into 6 figures also makes a case for what OP deserves after a 21 year marriage.

On top of all this he is assuming that all financial planners are crooks and hiding money!

 

[xylene]

She said she was the treasurer.