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  #1  
Old 07-11-2007, 10:45 PM
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Divorce-Fair Settlement?

What is the name of your state? WA

My husband, 52, wants a divorce after yrs of separation. I spent most of my adult life as a full-time wife and mother and I have no college education. I am currently working and making about $2k per mo. He has offered to give me the house (worth about $550K) and to pay my house pymt for 1 yr. After that, I'm on my own and the house pymt is about $1300 per mo. The catch, he gets 100% of his retirement which is currently worth $70K and he has deferred comp that is worth $50K. I have worked full time for about 1 yr so have little, if any, retirement. His employer does not pay Social Security, so I can't rely on that from him.
Should I agree to this? Our daughter is an adult and no longer living at home.
  #2  
Old 07-11-2007, 10:47 PM
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Quote:
Originally Posted by dreamlovrs View Post
What is the name of your state? WA

My husband, 52, wants a divorce after yrs of separation. I spent most of my adult life as a full-time wife and mother and I have no college education. I am currently working and making about $2k per mo. He has offered to give me the house (worth about $550K) and to pay my house pymt for 1 yr. After that, I'm on my own and the house pymt is about $1300 per mo. The catch, he gets 100% of his retirement which is currently worth $70K and he has deferred comp that is worth $50K. I have worked full time for about 1 yr so have little, if any, retirement. His employer does not pay Social Security, so I can't rely on that from him.
Should I agree to this? Our daughter is an adult and no longer living at home.
How much equity is in the home?
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  #3  
Old 07-11-2007, 11:18 PM
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Originally Posted by baystategirl View Post
How much equity is in the home?
We, or I, owe about $89K on the house and is due to be paid off in 2018.
  #4  
Old 07-11-2007, 11:27 PM
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Originally Posted by dreamlovrs View Post
We, or I, owe about $89K on the house and is due to be paid off in 2018.

But how much equity is in the house was the question....
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CourtClerk is right.
  #5  
Old 07-11-2007, 11:51 PM
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Originally Posted by CourtClerk View Post
But how much equity is in the house was the question....
If I'm not mistaken, wouldn't that be what we could sell it for minus what we owe? In that case, currently about $460K in equity.
  #6  
Old 07-12-2007, 12:03 AM
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So, you are getting $460k in equity plus the first year's mortgage of around $15600. He gets his $70,000 in retirement and $50,000 deferred comp less the $15600 he's paying for your first year of mortgage payment. You = $475,600; Him $104,400. I'd say he's being MORE than fair, wouldn't you? Downright generous......or am I missing something?
  #7  
Old 07-12-2007, 06:15 AM
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I agree with Accountable. Of course you are GOING to have to sell the house considering the mortgage is 15,600 a year and you make only $2k a month. You have far too high a mortgage to pay on your income. The only thing you might be able to do is refinance in your name considering the amount of equity versus the amount of debt. HOWEVER, your best bet is to sell the house, take all the equity and buy a smaller more affordable property now and INVEST the differential.
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Last edited by Ohiogal; 07-12-2007 at 06:18 AM.
  #8  
Old 07-12-2007, 07:18 AM
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Originally Posted by Ohiogal View Post
I agree with Accountable. Of course you are GOING to have to sell the house considering the mortgage is 15,600 a year and you make only $2k a month. You have far too high a mortgage to pay on your income. The only thing you might be able to do is refinance in your name considering the amount of equity versus the amount of debt. HOWEVER, your best bet is to sell the house, take all the equity and buy a smaller more affordable property now and INVEST the differential.
I have to agree with this advice.

However, my impression was that her husband had 70k a YEAR in retirement income. I could be completely wrong on that, but that was my impression. If not, then she didn't tell us what his yearly income is, just hers.

In any case, wisely invested 400k (with the rest in more liquid accounts) could net you a tidy 15-20k per year in additional income, and that, along with your earnings would allow you to support yourself comfortably. Its also likely to be more than you would receive in spousal support if you ended up going another direction with the property division, and it will also provide you retirement income if you don't touch the principal.

However, I would not recommend discussing that plan with your husband. Get the divorce finalized and a court ordered agreement that the house is your sole property before making any overt plans to sell it. When he realizes that you are going to be netting more than 400k from the sale, he may regret agreeing to allow you to keep the equity.
  #9  
Old 07-12-2007, 07:30 AM
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And don't forget, she WILL be eligable for SS benefits on his record, if she does not remarry. So she will have retirement money.

I agree, sell the house and buy a more affordable place. Heck, with that much equity, you could buy a seasonal condo in FL AND a nice retirement house in a nice burb here!
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  #10  
Old 07-12-2007, 07:32 AM
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Originally Posted by LdiJ View Post
I have to agree with this advice.

However, my impression was that her husband had 70k a YEAR in retirement income. .
I read her post three times, and I don't see where she implied the 70K was a YEAR.
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  #11  
Old 07-12-2007, 07:46 AM
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Originally Posted by nextwife View Post
I read her post three times, and I don't see where she implied the 70K was a YEAR.
It was just an impression I got. However you missed something too. She won't be able to claim SS retirement benefits on his record, because he isn't paying into SS. Which means that he is either military, railroad or one of the other limited professions that doesn't pay into SS. If so, its actually possible that he could have 70k per year in retirement.
  #12  
Old 07-12-2007, 07:57 AM
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His CURRENT employer, or no employer in his entire adult career?

The big question is exactly what retirement he has, because if he doesn't have it either, she can't get it from him.

And, personally, if he was not accumulating a lot more than 70K in retirement, I don't understand why she wasn't working more and making certain to pay into her own retirement. Being female OR married is no reason to not be proactive in retirement and financial planning. And I'm a child of the 60s saying that, not a child of the 80s or 90s.
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Last edited by nextwife; 07-12-2007 at 08:03 AM.
  #13  
Old 07-12-2007, 08:39 AM
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He works for the city as a police officer, that is why he doesn't pay SS. He didn't start working there until age 40, so I guess there would be some SS from his jobs prior.
I'll admit, I did nothing to protect myself and I regret that. That's why I have to be smart now. He has also agreed to get a quit claim deed and turn the house over to me. My goal is to keep the house, at least for now. My mom has offered to help me and I'm trying to look for other job opportunities to make more money.
As for the $70K, that's the total at this time, not per year. That's what he has earned in the 12 yrs he's worked in the dept.
Thanks for the responses!
  #14  
Old 07-12-2007, 08:44 AM
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So, HOW LONG was the marriage? What you did or didn't choose to do about your career and retirement savings during decades of adult life that may have occurred BEFORE this marriage is irrelevant to this marriage dissolution.
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  #15  
Old 07-12-2007, 09:01 AM
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Does he pay the bills ?
Are you sure he hasn't taken out a 2nd or a line of equity on the house ?

I'd do a title search to ensure the mortgage is the only emcumbrance on house.
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