What is the name of your state? FL. My husband and I have been married 25yrs. After 18 years at the same job..he is now unemployed. His health is not good..at least not where a job is concerned.(2bypass surguries, stroke..ect)..we had to file Bk7 last year due to medical.We have no savings and don't want to lose our home (I have been a homemaker for the last 20 yrs and I also care for an elderly parent, one minor child and one 21 (single & pregnant..no job) My question is this: Can we get a quick divorce so that I can get half of his profit sharing? This would give us the time needed for him to find another job and also give me the chance to take some courses to learn some business skills for me to find employment. Could we continue to live together? We would remarry on our next anniversary.Thank you for any advice.
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is this legal?
- Thread starter blusafire
- Start date
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seniorjudge
Senior Member
Can we get a quick divorce so that I can get half of his profit sharing? This would give us the time needed for him to find another job and also give me the chance to take some courses to learn some business skills for me to find employment. Could we continue to live together? We would remarry on our next anniversary.
Sounds fraudulent to me, but stuff like this is done every day.
Sounds fraudulent to me, but stuff like this is done every day.
LdiJ
Senior Member
Why do you feel that you need to be divorced in order to take out half of his 401k? It doesn't take away the tax ramifications if you were to use the money for non-retirement purposes rather than him.blusafire said:
Your husband is free to take money out of his 401k. You will owe income taxes on the money and will have to pay the 10% early distribution tax, but he can take it out. Just make sure that enough is withheld to cover the taxes.
seniorjudge
Senior Member
Why do you think anyone (besides y'all) need to know the exact reason(s) for your divorce?blusafire said:
seniorjudge
Senior Member
Your state has (I believe) no-fault divorce.blusafire said:
That means you can get divorced for ANY reason.
LdiJ
Senior Member
That is unusual...are you sure that you understand the plan correctly? It would probably be wise to take the plan paperwork and get a consult with an attorney. Unless he isn't fully vested there shouldn't be any reason why he couldn't withdraw the funds (and in which case you wouldn't be able to do so either if you got divorced).blusafire said:
My take on this is that you either don't understand the plan properly...or the employer is playing games. Talk to an attorney.
"......husband and I have been married 25yrs. After 18 years at the same job..he is now unemployed. His health is not good..at least not where a job is concerned.(2bypass surguries, stroke..ect)..:
Are you working? If not, you may want to also "get out there". My mom, in her later 40s, went back to work, after many years of being a SAHP when my dad became terminal. Her income did make a difference to the household.
If you have a 21 year old at home who is not working, or in school, they should also "get out there" and, at minimum, pay for their room and board. Dad should have some of the stresses reduced, or he may see another cardiac incident. He needs to not be made the sole financial provider any longer, if he's served that role all these years, he now needs help - it's obviously TOO MUCH STRESS for him.
Are you working? If not, you may want to also "get out there". My mom, in her later 40s, went back to work, after many years of being a SAHP when my dad became terminal. Her income did make a difference to the household.
If you have a 21 year old at home who is not working, or in school, they should also "get out there" and, at minimum, pay for their room and board. Dad should have some of the stresses reduced, or he may see another cardiac incident. He needs to not be made the sole financial provider any longer, if he's served that role all these years, he now needs help - it's obviously TOO MUCH STRESS for him.
IrishLady47
Member
Congrats on husband finding a job!! A little extra will still be needed to play catch up and build a safety net of savings again. Plus, to reduce the stress on husband carrying the full load, you definitely need to get at least a part-time job. And, I can understand why the 21 yr old can't work right now, but she certainly should take up your share of the load carrying for the elderly parent, household & other child (who is how old?). She can do that even after she has the baby. Your husband needs your help NOW in this financial scenario & others need to pull their full weight in the household.blusafire said:
This is not legal advice, but, remember this--who will you be growing old with? Your parent will have passed on, your children will move out--help your husband!! Before he croaks from the burden.
Thank you IrishLady. I am looking for work..It is rather difficult, I have not applied for a job in 22 years...skills are a little outdated. Looking into community ed classes to learn some skills. Planning a yard sale next weekend..returning beautiful jewlery husband gave me for our 25th last month. Will do what is nesesarry to keep us afloat.
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