pers pension

[yackama]

What is the name of your state (only U.S. law)? NJ
we are working on divorce settlement with meditator. 16 years of marriage. they suggest i take a lump sum payment from his pension against his share of house. some people say it would be better to let it stay and use my share for my own retirement. I have nothing set aside in my name for myself. I am looking to see what would be the best decision.

 

[mistoffolees]

What is the name of your state (only U.S. law)? NJ
we are working on divorce settlement with meditator. 16 years of marriage. they suggest i take a lump sum payment from his pension against his share of house. some people say it would be better to let it stay and use my share for my own retirement. I have nothing set aside in my name for myself. I am looking to see what would be the best decision.

Should I buy the BMW or the Chevy?

No one can answer either question. You have to evaluate current values against future value, interest, expected rate of return, the terms of the pension, etc. Also, factor in the tax issues.

You'd need a lot more detail than what you've provided for anyone to even guess at the answer. Even then, it wouldn't factor in your own personal desires.

 

[yackama]

okay do you think that my share which almost half at this point would increase the longer he works he has at least 10 more years

 

[mistoffolees]

okay do you think that my share which almost half at this point would increase the longer he works he has at least 10 more years

You're not going to get anything from his future years of working. Once you divorce, he keeps 100% of any additions.

You can calculate what you would get from the terms of the pension plan. You get half of the marital value of that value. However, you can't even calculate THAT unless you can estimate when he will retire.

You really need help with this. See a financial planner.

 

[LdiJ]

Personally, I would take the equity in the house, and then start saving for my own retirement.

However that just my own personal preference.

 

[mistoffolees]

Personally, I would take the equity in the house, and then start saving for my own retirement.

However that just my own personal preference.

OK. I'll keep my $20,000,000 pension and let you have the equity in a $20,000 house. Fair enough?

There's just not enough information to make any kind of assessment. There's nothing to indicate that the relative values are comparable. There's nothing about their ages. Or whether she earns enough to be able to save for a comfortable retirement. Or any of the hundred other questions that would need to be answered before one can give any kind of answer.