Divorce,separation, division of assests

[john a ungaro]

What is the name of your state? Illinois
I am 60 years old my wife is 55. We have been married for 34years. I have been self -employed for all that time and my wife has been employed for the lsat 20 years. We are currently separated and she is living in an apartment funded by her mother. I am living in the house and we are sharing house expenses. My business has been falling apart for the last five years and not has ceased to exist and I have no income. I made about $15,000 a year for the last 3 years. My wife currently is still working making $43,000 per year. She wants a divorce as soon as we can sell the house. We have agreed to split the proceeds evenly from the sale of the house. I keep the camper sale mony$5,800 plus my 10 year old truck worth about $7,500 and she keeps the 2 year old Jeep liberty worth $20,000 and $9,000 owed on that. The furniture and household division has been equally divided and agreed upon. She has retained a lawyer and I have not. She has stocks valued at $3,800 and will give me half of that. She also has a pension (I have no other assets). She has agreed to give me half her pension. Her employer matches her pension contributions of $20,000. Am I entitled to haly of her $20,000 contribution or half of her and her employers contribution Totaling $40,000. Am I right to say that I will get $20,000 of her pension or only $10,000. We have closed common credit cards and other bills We have two bank accounts which we have together but call each others our own and stay away from using the primary accounts of each other. Do we make these accouts separtly now?
What order do we take each other off of each others vehicles? We are trying to do this a inexpensively as possible and in a fair manner. None of our 3 children live at home. What should be my course of action?
Would I also be entitled to alimony or maintenance because of the salary differential?
Thank you!

 

[Ohiogal]

Ask for alimony.

 

[tuffbrk]

What is the name of your state? Illinois
We have been married for 34years. I have been self -employed for all that time and my wife has been employed for the lsat 20 years. My business has been falling apart for the last five years and not has ceased to exist and I have no income. I made about $15,000 a year for the last 3 years.

My son works as a part time stock clerk - he earns $10.5k a year...
You've owned a business for 30+ yrs, was your own boss, answered to no one but the IRS - if you filed - and you earned all of $15k a year, for the last 3 yrs? Is that $15k "real" or what you reported? And now the business is no longer operational and you have no income...

Like this is a new story! Her $43k isn't enough to support both of you in the "style" you've become accustomed to - she's already giving you half of everything else. Take the cash and leave with whatever dignity you have left.

BTW - if there's a Shop Rite nearby? Go hire on part time - you'll be making your "old" salary in no time.

 

[Bali Hai]

What is the name of your state? Illinois
I am 60 years old my wife is 55. We have been married for 34years. I have been self -employed for all that time and my wife has been employed for the lsat 20 years. We are currently separated and she is living in an apartment funded by her mother. I am living in the house and we are sharing house expenses. My business has been falling apart for the last five years and not has ceased to exist and I have no income. I made about $15,000 a year for the last 3 years. My wife currently is still working making $43,000 per year. She wants a divorce as soon as we can sell the house. We have agreed to split the proceeds evenly from the sale of the house. I keep the camper sale mony$5,800 plus my 10 year old truck worth about $7,500 and she keeps the 2 year old Jeep liberty worth $20,000 and $9,000 owed on that. The furniture and household division has been equally divided and agreed upon. She has retained a lawyer and I have not. She has stocks valued at $3,800 and will give me half of that. She also has a pension (I have no other assets). She has agreed to give me half her pension. Her employer matches her pension contributions of $20,000. Am I entitled to haly of her $20,000 contribution or half of her and her employers contribution Totaling $40,000. Am I right to say that I will get $20,000 of her pension or only $10,000.

You are entitled to $20k of the marital pension that accrued just like any wife would be.

We have closed common credit cards and other bills We have two bank accounts which we have together but call each others our own and stay away from using the primary accounts of each other. Do we make these accouts separtly now?

Doesn't matter.

What order do we take each other off of each others vehicles? We are trying to do this a inexpensively as possible and in a fair manner. None of our 3 children live at home. What should be my course of action?
Would I also be entitled to alimony or maintenance because of the salary differential?
Thank you!

I believe due to the income disparity and the length of time (duration) you have put into this marriage that you should get nearly half her salary in alimony payments for the rest of your natural life.

 

[john a ungaro]

legal or moral question?

I believe due to the income disparity and the length of time (duration) you have put into this marriage that you should get nearly half her salary in alimony payments for the rest of your natural life.

I do not want this divorce! Wouldn't the question of alimony seal my hopes of restoration of our marriage? Is this a legal or moral issue I have to deal with myself or might restoration of the marriage be possible in either issue? See my dilema? Should I just fight for the bucks and see what follows?

 

[Ohiogal]

It doesn't matter if you want the divorce. If SHE wants the divorce it is going to happen. Resign yourself to that fact.

 

[john a ungaro]

Are my accounts safe

It doesn't matter if you want the divorce. If SHE wants the divorce it is going to happen. Resign yourself to that fact.

Should I cash out my primary account with my wife? I also have a seperate account my wife does not know about? Is that safe or should I take most of the money out of that too? What can I do to protect my money from her touching any of it? I certainly would not touch our other account which she is primary on! Help, please!

 

[LdiJ]

I do not want this divorce! Wouldn't the question of alimony seal my hopes of restoration of our marriage? Is this a legal or moral issue I have to deal with myself or might restoration of the marriage be possible in either issue? See my dilema? Should I just fight for the bucks and see what follows?

What kind of business did you have?...why has it dwindled off so badly? That's going to be an issue in any fight for alimony.

She really doesn't make enough to support both of you separately. What kind of marital assets do you have to divide?

 

[john a ungaro]

Since 911

What kind of business did you have?...why has it dwindled off so badly? That's going to be an issue in any fight for alimony.

She really doesn't make enough to support both of you separately. What kind of marital assets do you have to divide?

It was a basement remodeling business and with the influx of imigrants to this country they do the same work as I for much less. ECONOMICS! Since 911 work has been scarce!

We have two vehicles, household items and furniture, and $250,000 in equity in our home we are selling.

 

[LdiJ]

Should I cash out my primary account with my wife? I also have a seperate account my wife does not know about? Is that safe or should I take most of the money out of that too? What can I do to protect my money from her touching any of it? I certainly would not touch our other account which she is primary on! Help, please!

Any cash accounts are going to have to be accounted for in the divorce, whether the money gets spent ahead of time or not. Your separate account is safe but you will still have to account for the money eventually.

If you decide to cash out any of the primary account that you have with your wife, don't take more than half.

The end result of the asset split is that you are each going to get 1/2 of whatever assets are out there, and you are each going to be responsible for 1/2 of whatever debts are out there.

I understand what has happened with your business...its not unusual. However, for your sake I truly hope that you did not play games with your earnings over the years, so that you have built up solld social security credits.

I strongly recommend that you get a job as soon as possible, and that you wisely and conservatively invest your share of the proceeds from the house so that it brings you an annual income to supplement your wages....and later to supplement your social security.

Alimony is possible for you...but you are able bodied and she really doesn't make all that much money...so any alimony wouldn't be more than another supplement. However, since you won't have medicare available to you for a few more years, it might be a help in paying for medical insurance....because you will lose that when the divorce is final.

Why does she want the divorce? Could you possibly convince her to agree to just a legal separation until you qualify for medicare?...so that you could still take advantage of the medical insurance that I assume that her job is providing?

 

[john a ungaro]

very wise of you

Any cash accounts are going to have to be accounted for in the divorce, whether the money gets spent ahead of time or not. Your separate account is safe but you will still have to account for the money eventually.

If you decide to cash out any of the primary account that you have with your wife, don't take more than half.

The end result of the asset split is that you are each going to get 1/2 of whatever assets are out there, and you are each going to be responsible for 1/2 of whatever debts are out there.

I understand what has happened with your business...its not unusual. However, for your sake I truly hope that you did not play games with your earnings over the years, so that you have built up solld social security credits.

I strongly recommend that you get a job as soon as possible, and that you wisely and conservatively invest your share of the proceeds from the house so that it brings you an annual income to supplement your wages....and later to supplement your social security.

Alimony is possible for you...but you are able bodied and she really doesn't make all that much money...so any alimony wouldn't be more than another supplement. However, since you won't have medicare available to you for a few more years, it might be a help in paying for medical insurance....because you will lose that when the divorce is final.

Why does she want the divorce? Could you possibly convince her to agree to just a legal separation until you qualify for medicare?...so that you could still take advantage of the medical insurance that I assume that her job is providing?

The wise and Godly ways are always the correct paths to take! Thanks for setting me straight! Who knows maybe she would be willing. Her only problem with me is that I am controlling. God's mercy and grace is new everyday and I need to show the same to others. Sometimes the right paths are the hardest to take, especially like finding joy in one's tribulations! Bless you for the wise advice!

 

[Ohiogal]

Should I cash out my primary account with my wife? I also have a seperate account my wife does not know about? Is that safe or should I take most of the money out of that too? What can I do to protect my money from her touching any of it? I certainly would not touch our other account which she is primary on! Help, please!

I am not going to help you commit fraud and hide assets. Sorry but what you are suggesting IS ILLEGAL.

 

[Ohiogal]

Any cash accounts are going to have to be accounted for in the divorce, whether the money gets spent ahead of time or not. Your separate account is safe but you will still have to account for the money eventually.

Actually his separate account is NOT necessarily safe if it came from marital assets. It doesn't matter whose name is on it. If it came from marital assets then it is marital. And if he spends large sums of money ahead of time he is going to end up being accused of dissipation of marital assets. Which will HURT him in the long run.

 

[LdiJ]

Actually his separate account is NOT necessarily safe if it came from marital assets. It doesn't matter whose name is on it. If it came from marital assets then it is marital. And if he spends large sums of money ahead of time he is going to end up being accused of dissipation of marital assets. Which will HURT him in the long run.

I meant safe as in available to him at this time rather than to her. I did emphasize that he will have to account for the cash in the divorce proceedings.

 

[LdiJ]

The wise and Godly ways are always the correct paths to take! Thanks for setting me straight! Who knows maybe she would be willing. Her only problem with me is that I am controlling. God's mercy and grace is new everyday and I need to show the same to others. Sometimes the right paths are the hardest to take, especially like finding joy in one's tribulations! Bless you for the wise advice!

You two have been married for a very long time. If you are controlling that is something that you can change. Have you considered offering to go to marriage counseling? Of course, that only works if you take it seriously.