First, thank you for reading this. This is my first post, and I have waded through many posts trying to understand this whole new world of financial issues regarding divorce.
Situation: Married for 17 years. Two kids (9 and 12). I have been the primary breadwinner, with a salary of approximately 140K and a pension. She stayed home for almost 11 years with the kids, working very little during that time, and now makes approximately 55K a year with less job security, no pension. We both have the same level of education, but I have greater earning potential, though do not see it increasing greatly over the next while. We own our home, no debt.
We will have joint custody and access.
I know I will be paying CS and SS, and she will get a lump sum from my pension when we sign an official separation agreement.
She wants the high level of SS for as long as she can get it, and all of our savings with the exclusion of the proceeds from the house because she feels that since I will have my pension (minus the part she gets), she needs that financial security.
I have pointed out that with CS and SS even at mid-range, she will have more income than I will. If I had to pay high level SS, I would not be able to have joint custody as I wouldn't be able to live in a place big enough to have my kids with me part time.
I am really, really hoping we don't have to go to court to sort this out.
Questions:
Would someone ever get awarded more than 50% of the savings because they won't have the full amount of the pension, even though we would be divorced for at least 12 years before retirement? Or would they be expected to save money from the SS in order to cover off for their retirement savings?
Would the courts award anything more than the mid-level SS AND more than 7.5 years of SS simultaneously, or is it one or the other?
Am I deluded in thinking that it would be reasonable to offer her 60% of our savings (excluding the future proceeds of our home), and mid-range SS for 11 years to encourage her not to drag this through the legal system?
What would a lawyer be advising her to ask? She has not had any formal consultations with legal folks as far as I know.
I am happy to provide more info if it is helpful. Thanks again!
Situation: Married for 17 years. Two kids (9 and 12). I have been the primary breadwinner, with a salary of approximately 140K and a pension. She stayed home for almost 11 years with the kids, working very little during that time, and now makes approximately 55K a year with less job security, no pension. We both have the same level of education, but I have greater earning potential, though do not see it increasing greatly over the next while. We own our home, no debt.
We will have joint custody and access.
I know I will be paying CS and SS, and she will get a lump sum from my pension when we sign an official separation agreement.
She wants the high level of SS for as long as she can get it, and all of our savings with the exclusion of the proceeds from the house because she feels that since I will have my pension (minus the part she gets), she needs that financial security.
I have pointed out that with CS and SS even at mid-range, she will have more income than I will. If I had to pay high level SS, I would not be able to have joint custody as I wouldn't be able to live in a place big enough to have my kids with me part time.
I am really, really hoping we don't have to go to court to sort this out.
Questions:
Would someone ever get awarded more than 50% of the savings because they won't have the full amount of the pension, even though we would be divorced for at least 12 years before retirement? Or would they be expected to save money from the SS in order to cover off for their retirement savings?
Would the courts award anything more than the mid-level SS AND more than 7.5 years of SS simultaneously, or is it one or the other?
Am I deluded in thinking that it would be reasonable to offer her 60% of our savings (excluding the future proceeds of our home), and mid-range SS for 11 years to encourage her not to drag this through the legal system?
What would a lawyer be advising her to ask? She has not had any formal consultations with legal folks as far as I know.
I am happy to provide more info if it is helpful. Thanks again!
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