Spousal Support Obligations After Retirement
My question involves a marriage in the state of:Texas
Good afternoon all,
I am pushing 60 years old..Marriage of almost 40 years..
Our house is jointly owned, paid for..
As much as I wanted to, after finding out about my husband's infidelity I did not file for divorce..
We are in house separated..Separate bed rooms..No sex/affection exchanged between us.
We have been living like this for 4 + years..
Reason being the WH ( wayward husband ) was unemployed..
I have been the main or sole breadwinner throughout our marriage..
I always made a modestly good income.. My income was enough money to get us by without the WH working, so long as we were on a strict budget..
I managed to save in a 401 K by spending a lifetime with the same company.. This account stays untouched...It is worth about the same as our 1980's -1300 sq foot house..
The WH does not have access to 401 K it is in my name only..
I have been retired for two years..
I get a regular monthly income from my company's defined pension plan which is in payout status..I make a little over $1000 a month after $500.00 in medical premiums is deducted..($80 for me, $ 475 for him)
Because of my refusal to un retire and go back to work, the WH was forced to find a job, he has been working for a year....
The WH is obese, so passing the company physicals required to get hired on to new jobs is problematic..He also has a criminal history..
My question is this;
In a divorce settlement, will my earning capability be inputed on what I used to do? I am retired due to health issues and severe burnout..
Even though I am skilled at what I do, I DO NOT want to return to it..
Without knowing better, my instinct is to attempt to find a job of my liking which isn't as physically/mentally demanding as my previous career..This may take me QUITE a while..
Or I could go to doctors to see what they can do to certify my severe burnout/physical limitations. What do you think?
I did retire from my job within 30- 35 days of my return from FMLA.. My FMLA and retirement were both caused by my back issues / inability to comfortably stand for the long periods of time required to do my job..
I realize I will need good legal counsel local to me..I already know my WH is entitled to 1/2 my pension, 1/2 our house, 1/2 my 401 K..He has no pension or savings to offer me..This would render me unable to support myself without going back to work..
Just wondering if extricating myself from this marriage will obligate me to a lifetime of supporting my WH financially or living a life that is unsustainable for me physically/mentally :-(
This is the fear that has me paralyzed..
Re: Divorce : How is Earning Capacity Imputed After Retirement
You have been retired for two years, I doubt that your earning capacity would be imputed at what you previously earned.
How much is his income vs your retirement income?
Re: Spousal Support Obligations After Retirement
Quote:
Quoting
doggiediva
In a divorce settlement, will my earning capability be inputed on what I used to do? I am retired due to health issues and severe burnout.
What the court will examine is how to divide the pension and retirement account, not whether you should return to work following a mutually agreed retirement.
Once your divorce is final, you can evaluate for yourself whether you want to try to find a way to return to work. You and your lawyer should make sure that the final judgment forever bars spousal support, just in case your ex- finds out you're back at work (should that occur) and decides to try to have the judgment amended.
Re: Spousal Support Obligations After Retirement
My husband wasn't in love with the idea of me retiring, but he understood that I had issues with my back..
My problem is that I won't be able to afford to live on my own (pay rent, utilities,groceries)...Not without an additional monthly source of income that is at least as much or more than what I get paid from my pension..I don't see divorcing the WH and still live in the same house..I hate this house anyway, it depresses me..
At the moment the wayward husband earns twice what I bring in per month..
With that said, the WH will pick no bones about going for in elective surgery ( on an arthritic joint ) and then spend a year or two crying that he is too handicapped to work..This already happened once in the last 5 years..
Believe me I'll follow your suggestion..Thank you :-)
- - - Updated - - -
The wayward husband brings in twice the income that I do..
I finally succeeded in forcing him to pay the utilities - costs related to living in our house( which is already paid for), by refusing to pay them myself..
I already have $500 subtracted off of my gross monthly pension payment before I get paid my monthly income.. I cover the WH's premium for medical insurance..
This past year has been busy..I have been spending it traveling in and out of town every couple of months to help my late mom who was sick.. She lived 800 miles away from me..My travel back and forth generated some sizable expenses for me...Mom died this March..A very difficult loss for me..
It is unfair..
I can't believe that I am gonna have trouble getting legally untangled from this scumbag without going down myself..
But I get it..Life is unfair..I will find a way to make it..I just need help with navigation as I am navigationally impaired, lol..
Re: Spousal Support Obligations After Retirement
You will have a significant increase in income once relieve of spouse's health insurance.
Have you discussed taking SSDI with a knowledgeable attorney based on you physical limitations? Qualification requirements change for people over 50. It lasts through your normal retirement age and then reverts to the retirement benefit level.
Have you reviewed your income with your SS included once you qualify and the various scenarios based on date it begins? Look also at the options available to divorced couples since your marriage lasted more than 10 years.
There are many websites that provide financial information for retirees. Bankrate is one to start with.
If your income is really that low following your divorce, investigate living options in your community. Mine has several communities for low income seniors and other moderately priced 55+ apartment communities.
Look at the social service agency serving seniors in your community for information in planning financially for your retirement. With a pension, SS and a 401K, you are ahead of most retirees. You just need to understand what you have and where it will be going.
Re: Spousal Support Obligations After Retirement
Thank you for the above suggestions..I will have to un- retire to find work within my physical limitations or successfully win SSDI, whichever happens faster, lol..It will be mighty hard to live on a pension of $600 dollars a month in a place of my own ( for the next 7 years) without withdrawing from what will left of my 401 K (after divorce)..So yes I will need to research what is available in my community in the way of lower income housing..
Re: Spousal Support Obligations After Retirement
You really need to talk to a disability attorney about SSDI. If you win an SSDI case, you may receive a retroactive payment. One key requirement is being employed within the past 5 years. Do not waste time trying to do a case by yourself; they attorneys are paid from your settlement so you do not need money upfront.
Most importantly, take care of your physical and emotional health at this time!!!
Re: Spousal Support Obligations After Retirement
and talk to a divorce attorney.....credibility may count and judge might not be impressed with games to,show how little,each can earn ...
Re: Spousal Support Obligations After Retirement
No games from this end, lol..I have no problem with working to earn my living...At a job of my choosing and liking, meant to support myself...I won't expect the WH to support me after divorce..I don't want to depend on him at all..Presently, the only way I see of making enough money to satisfy a divorce judgement for paying him alimony is to go back to work at what I used to do.. I am skilled and licensed in a profession that requires challenging 12 hour days ( mostly standing ) to do most jobs..I have nerve compression at my L-spine.. It causes my right leg and back to become painful and go numb when I stand for more than 2 hours or sit for more than 4 hours..In other words I have to be able to change positions to stay comfortable..I have had near falls (while walking) due to the leg numbness..Thank goodness the near falls are few and far between...With the above said, I am looking for sedentary jobs in my line of work / education.... I am encountering a major roadblock ..These sedentary jobs require advanced degrees + retraining..
I appreciate you guys, your advice and feedback has my thoughts and questions heading in a direction that I was previously unaware of...
Another question.. In the event that I pursue and win SSDI claim..Will any history or record of being on disability hurt my chances of being hired if I finally found a dream job to go after?
Re: Spousal Support Obligations After Retirement
You understand that Texas is a community property state.
But that doesn't mean that everything has to be divided down the middle.
You can negotiate an offset.
For example, let him have the house (since it depresses you) in exchange for you keeping all of your 401(k) and pension.
Then you find yourself a small apartment that you can afford.
You're over 59 1/2 so you can draw from your 401(k) a little at a time to cover any shortfall for a while without paying the 10% penalty.
Unfortunately, you will have to make unpleasant adjustments just like everybody else has, and will do, after divorce.