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re: Wife getting 1/2 401K via divorce
Posted on 1/17/23 at 8:08 pm to HailToTheChiz
Posted on 1/17/23 at 8:08 pm to HailToTheChiz
Correct. Assuming all stays the same for the most part.
House is sold and all debt is paid, proceeds were split.
Yes, I understand the argument in regards to the stay at home mom who is abandoned by the cheating husband. Not the case here.
Appreciate the tips!
House is sold and all debt is paid, proceeds were split.
Yes, I understand the argument in regards to the stay at home mom who is abandoned by the cheating husband. Not the case here.
Appreciate the tips!
This post was edited on 1/17/23 at 8:10 pm
1
Posted on 1/17/23 at 8:35 pm to DUGAST
It’s why there is a saying “it’s cheaper to keep her”
But, as another poster pointed out, everything is negotiable. If you want to limit how much she touches the 401k, consider giving up other assets (even is already sold and proceeds distributed). You can always factor in taxable impact as well. That $400k cash out does not equal $400k in her bank account
But, as another poster pointed out, everything is negotiable. If you want to limit how much she touches the 401k, consider giving up other assets (even is already sold and proceeds distributed). You can always factor in taxable impact as well. That $400k cash out does not equal $400k in her bank account
Posted on 1/17/23 at 9:05 pm to DUGAST
quote:
Yes, I understand the argument in regards to the stay at home mom who is abandoned by the cheating husband. Not the case here.
So she cheats on you wants a divorce and now gets half of all the money you earned over the last 30 years. Will Move in with her new baw. No bills to pay and now gets to enjoy all that money you worked for all those years. Now she's set for the rest of her life. You now will have to work longer to try and make up the difference. They really should have rules when one wants to wreck a marriage especially if the one ending the marriage is the one who benefits the most.
This post was edited on 1/18/23 at 3:48 am
Posted on 1/17/23 at 9:06 pm to FLObserver
wish I could afford free pussy
Posted on 1/17/23 at 9:27 pm to HailToTheChiz
quote:
Oh it matters. Burn it all down. Make her earn that half.
I understand the sentiment but in a community property state, she’ll still get half and he’ll lose even more paying the lawyers. If she did something heinous, you can still tell everyone what she did without paying $500+ hourly plus court fees to make sure the court reporter gets every detail on the record.
Posted on 1/17/23 at 9:35 pm to FLObserver
That’s pretty much correct, except now the baws are trash and she wants back in. Grass isn’t always greener as the saying goes.
This post was edited on 1/17/23 at 9:42 pm
Posted on 1/17/23 at 9:45 pm to OldSouth
Happiness is more important than that 401k.
Posted on 1/17/23 at 9:56 pm to DUGAST
You don’t have to settle at 50% if each individual asset. It just needs to be 50% of total assets. So you could keep 100% of 401K and her get 100% of home.
As example.
As example.
Posted on 1/17/23 at 10:00 pm to DUGAST
Wait until you see how much of your social security she gets!!
Posted on 1/17/23 at 10:03 pm to DUGAST
quote:
If I retire at 65, with a 7% return on average, this divorce will cost me roughly 1M if my calcs are correct. I'll retire with roughly 1.5ish instead of 2.5ish.
But won’t you not have another person to provide for?
quote:
Almost makes me want to take her arse back!
See above
Posted on 1/17/23 at 10:08 pm to KillTheGophers
quote:
Wait until you see how much of your social security she gets!!
That doesn't mean what you think it means.
Posted on 1/17/23 at 10:48 pm to HailToTheChiz
quote:
Oh it matters. Burn it all down. Make her earn that half.
Not in LA
Posted on 1/17/23 at 10:50 pm to DUGAST
Running quick estimates for you. Assuming 10% returns for 10 years and maxing 28k per year in your 401k. You will have approximately 1.4MM. Dropping that in a dividend producing mutual fund/ETF will be ~3500/month. A single man can make that work.
Posted on 1/17/23 at 11:58 pm to AUCE05
All good points.
Yep, true on having another to take care of during retirement rather than just me potentially. Not so if I end up with someone without much $$ for retirement. Not sure how easy it will be to find a nice lady with a few hundred k in her retirement.
That being said, retirement as I had it figured, traveling and such, may have to wait a bit longer. Unless, as said earlier, someone with $$ comes along.
Much appreciated!
Yep, true on having another to take care of during retirement rather than just me potentially. Not so if I end up with someone without much $$ for retirement. Not sure how easy it will be to find a nice lady with a few hundred k in her retirement.
That being said, retirement as I had it figured, traveling and such, may have to wait a bit longer. Unless, as said earlier, someone with $$ comes along.
Much appreciated!
This post was edited on 1/18/23 at 12:00 am
Posted on 1/18/23 at 4:39 am to DUGAST
I have only slight familiarity with this area, but if you end up splitting the account (rather than offset the value by giving her other assets) I think you will want to talk to your lawyer about having the judge sign a Qualified Domestic Relations Order (QDRO).
A QDRO (pronounced quad-roe) confirms each spouse’s right to a portion of the money in the 401k (or other retirement plan). Having a proper QDRO (your lawyer may have to work out the exact language that makes the plan administrator happy) should keep you from having to pay taxes or an early withdrawal penalty on a distribution from the plan to the ex. If you just pull the money without a QDRO and give the ex a check, penalties and taxes are incoming unless you are age 59.5+.
The ex on the receiving end of the 401(k) distribution has options for getting the money, one of which is to roll the assets into her own qualified retirement plan via a direct transfer. Other options may incur penalty and taxes.
A legit family law attorney will be familiar with QDROs and this process. If your attorney is not, that's not good.
A QDRO (pronounced quad-roe) confirms each spouse’s right to a portion of the money in the 401k (or other retirement plan). Having a proper QDRO (your lawyer may have to work out the exact language that makes the plan administrator happy) should keep you from having to pay taxes or an early withdrawal penalty on a distribution from the plan to the ex. If you just pull the money without a QDRO and give the ex a check, penalties and taxes are incoming unless you are age 59.5+.
The ex on the receiving end of the 401(k) distribution has options for getting the money, one of which is to roll the assets into her own qualified retirement plan via a direct transfer. Other options may incur penalty and taxes.
A legit family law attorney will be familiar with QDROs and this process. If your attorney is not, that's not good.
Posted on 1/18/23 at 5:32 am to DUGAST
quote:
That’s pretty much correct, except now the baws are trash and she wants back in.
LO fricking L
Stand your ground baw. Burn that half a mill out of principal.
Posted on 1/18/23 at 5:55 am to Joshjrn
quote:
The marital property system isn't built with the intent to punish people for being bad or reward them for being good; it's built to keep people from being destitute when they leave a marriage, no matter the reason
frick you. Seriously.
The system is built to no fault women. Period. Nothing about the OPs situation is about leaving his ex “destitute” by giving her a substantial sum of money she didn’t earn. Neither is spousal support, equity, or any of the other shite he is going to give up to a woman that is very likely completely capable of working and earning a living (or already doing so).
All because she decided after 28 years she wasn’t “in love” anymore.
Posted on 1/18/23 at 7:20 am to Joshjrn
quote:
If you were the breadwinner and she was the stay at home mom for the last three decades, yeah, she's entitled to half. Why wouldn't she be?
Because she left the contractual arrangement.
If a breadwinner just up and left a homemaker destitute, I can see providing something for the homemaker's loss. That's how this all started. But what you're proposing is akin to me voluntarily leaving my job, but telling my former employer that they should still pay me because I now don't have a paycheck. It's asinine, and some other countries do this differently. Our system is screwed. Posted on 1/18/23 at 7:34 am to Mo Jeaux
Wife has good job in this situation and can provide for herself. Shouldn’t have trouble settling down with an over achieving baw with $$.
Still doesn’t matter in the eyes of the court system. It can be argued countless ways I realize.
Can blow it up as suggested. It’s on the table.
Still doesn’t matter in the eyes of the court system. It can be argued countless ways I realize.
Can blow it up as suggested. It’s on the table.
Posted on 1/18/23 at 7:47 am to elprez00
quote:
frick you. Seriously.
The system is built to no fault women. Period. Nothing about the OPs situation is about leaving his ex “destitute” by giving her a substantial sum of money she didn’t earn. Neither is spousal support, equity, or any of the other shite he is going to give up to a woman that is very likely completely capable of working and earning a living (or already doing so).
All because she decided after 28 years she wasn’t “in love” anymore.
bingo. most marriages only last 10 years. when you hit 20 and 25 years you SHOULD be in the clear. something smells in denmark. the system is garbage especially in Louisiana.
is it too late for him to pull all assets. cash out, and say he lost it all gambling?
seriously tho it is a fricked up situation.
This post was edited on 1/18/23 at 7:48 am
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