QUESTION
If we have been married for 12 years, how would the asset division go?
Asked on Apr 21st, 2014 on Divorce - Wisconsin
More details to this question:
I was married in 2001. It will be 13 years in June. I owned house prior to the marriage. I have worked since 1971. I retired in 2009 with a pension and my question is how is money I have in my pension plan factor in a divorce? I have about $200,000 in deferred comp the state has on deposit. I worked as a firefighter for 30 years and a couple jobs before that. How is that factor in what she is entitled to for 12 years of marriage? I was a firefighter for 23 years before we married. Is she entitled to half? I owned my house prior to the marriage so I know that is not considered communal property. I also have about $ 120,000 in a savings account I accumulated over those 30 years. Is she entitled to a percentage or half of this for the 12 years of marriage? I am 63 years old and she is 56 and she is employed with a yearly salary of $55,000 and a second job paying $7,000 a year as a church organist. My pension pays me $2200 a month.
7 ANSWERS
Everything acquired during marriage unless it was a gift or inherited belongs one-half to each of you. The same is true of any debts they need to be divided equally as well Good luck
Answered on Apr 23rd, 2014 at 6:31 AM
Dispute Resolution Attorney serving Seattle, WA
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Law Offices of Helene Ellenbogen P.S.
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Everything earned or accumulated during the 12 years of the marriage is community property. Thus from the date of the marriage until you retired, any portion of the pension, deferred income etc. will be divided. Anything you earned prior to that time is your separate property. Get a lawyer. This is not easy to sort out.
Answered on Apr 22nd, 2014 at 9:30 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You certainly have presented enough complexity to make it absolutely necessary for you to engage an attorney in order to get some predictions as to what the outcome of a divorce would be, including property settlement and allocation of pensions and deferred compensation.
Answered on Apr 22nd, 2014 at 3:13 PM
Asset division is negotiable. Have you considered Mediation? Mediation is Fast, Effective and Affordable. Both spouses would have to agree in order to move forward with Mediation.
Answered on Apr 22nd, 2014 at 3:11 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Generally, she is entitled to (12/30)* value of your pension, deferred comp, etc. The house may have been transmuted into community property if community funds were used to pay for it and maintain it. If it has not been transmuted, then you would still owe of the principal paid for the house for the 12 years of marriage. You really need to get a local family law attorney to help you figure all of this out.
Answered on Apr 22nd, 2014 at 2:54 PM
Domestic Relations Attorney serving Omaha, NE
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Diane L. Berger
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She would most likely be entitled to one-half of what was acquired while you were married not what you had before you got married. For instance, whatever you had in deferred comp before you got married would be yours. What was acquired during the marriage would be divided.
Answered on Apr 22nd, 2014 at 2:50 PM
Divorce & Separation Attorney serving Menasha, WI
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Petit & Dommershausen, S.C.
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You need an attorney immediately. Without a premarital agreement, everything is included in the marital estate unless the parties agree it is excluded or a court says otherwise.
Answered on Apr 22nd, 2014 at 2:47 PM