His Retirement?

What is the name of your state? CA
My husband and i have been married 20 years and have talked about divorce.. I am confused about something he said and was wondering if anyone knows what he is talking about....
I am disabled and going through a work comp case, and i have applied for social security but I have No income right now at all. I mainly stayed home with the 5 kids all grown but 1 who is 17. We both agreed it would be best if i didn't work while they were young, I did become employeed when the youngest started 3rd grade. 7 years later i got hurt on the job.. Lost my job and I was offered my retirement so i took it. Of course we spent it since then, but it wasn't much. Not sure if all of this matters for this up coming question but I wanted to give you details. When we were discussing getting a divorce he said I get half the bills ? Ques#1 Will I get half the bills even though I have no income? #2 and if so can I file for bankruptcy? #3- I asked my husband about his retirement and what I would get and his statement was he would buy me out? What does that mean? and what do you think is the best thing to ask for in regards of his retirement? I know he has a lot invested for retirement.. Or mmaybe i should ask what are my options in regards to getting my share of his retirement? Thanks Theresa

There isn't a set in stone answer, it can very greatly. You can ask for anything you like and so can he and leave it up the judge. Atleast there is always dicker room if you ask for more. I personally think in your situation there is a likely chance of you getting alimony for life and a portion of his retirement. Bills aren't necessarily split in half. Do you own a home? other assets? He could likely get all the bills but then some assets also to help offset it. Talk to your attorney and don't sell yourself short just because it's what 'he' says.

CA Thank you, I have benn divorced before and i know some of the child support issues being through it with my husbands daughter and then with mine. We do not own much except computers. furniture a truck which we got a loan against. But he also has a Truck that his employer gives him for work. He Always threatens that i will get half the bills? I figure if I'm getting income from him I should owe some but I couldn't afford half.. I will be out in the streets in no time...Thank you for the help, he always has tons of help through all his buddies from the fire dept. but I now have this site Theresa

CA is a community property state. That means that all debts and assets could technically be split 50/50. What's his is yours and what's yours is his, including assets and debts.

However, no one can tell you what a judge will decide.

Yes thats what I hear... But thank goodness for bankruptcy.. b/c I could never pay those bills and eat or pay rent!!!!! He doesn't like that idea either.. but it's all I have... Theresa

Theresalee said:

Yes thats what I hear... But thank goodness for bankruptcy.. b/c I could never pay those bills and eat or pay rent!!!!! He doesn't like that idea either.. but it's all I have... Theresa

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Just from a practical standpoint here is a likely scenario:

Even though the debts and assets are split 50/50...that doesn't necessarily mean that each debt and each asset is split 50/50. As an example lets say that his retirement account is worth 40,000 and you are entitled to 20,000 of it. Your debts are for 10,000 and your responsibility for that is 5000. The Equity in the truck is worth 5000 and you are entitled to 2500 of that. Household possession are equally split.

What might happen is that he would have to buy out your share of the retirement account for 17,500 (20,000 less your share of the bills, plus your share of the truck) and then he would be responsible for paying all the bills.

There are lots of different ways to structure property settlements. Its also possible that with your length of marriage and disability that you would be entitled to alimony. Make sure that you have a good attorney to protect your interests.

Right now she is not legally married see her other threads.
https://forum.freeadvice.com/showthread.php?p=863742
https://forum.freeadvice.com/showthread.php?t=219357 https://forum.freeadvice.com/showthread.php?t=222419 https://forum.freeadvice.com/showthread.php?t=223311 https://forum.freeadvice.com/showthread.php?t=223456

We don't now for sure and I want to be prepared in each event!!!