I am divorcing my husband after 35 years of marriage. I am the sole proprietor of a small drapery workroom/decorating company. No storefront, only Yellow Pages and word of mouth advertising. Never produced a lot of income but my h. always encouraged my efforts to do what I am good at.
My h. is a retired 35 year member of a union and has among other assets a pension worth 40K yearly. Our other assets include 2 homes and IRA $, all of which are not liquid at this time. We have mediated to the point where we have decided to split all assets other than the pension. He is offering 25% of the pension per month, approx. 700.00, from which I will have to pay 1/2 my health insurance. This would leave 350.00 per month for living expenses. I intend to work at something else after I relocate, but will need monetary help to do so. He refuses to move on the pension, saying he'll go to court to prevent me from taking any more than he's offering. The homes may take time to sell, I cannot touch the IRA $ for another year or more.
What is typical in this case? Is there any typical settlement that I should be asking for? Should I ask for a lump sum settlement to compensate for the lack of support month to month? There is NO guarantee that he lives to an old age; when he dies, the pension does w/ him. What should I be looking at when I try to finish up this mess?
Thank you all in advance - I know I'm not alone in feeling like I'm swinging in the wind.
I'm not sure what type of
I'm not sure what type of mediation you engaged in or how the mediator dealt with this issue, so it's hard for me to say that it's simply time to go to court. I'm a huge fan of divorce mediation, but sometimes it doesn't work. The thing is, your husband does not get to make unilateral decisions regarding his retirement fund. On the other hand, it's possible that if you were allowed to keep other assets, such as your IRA, getting only 25% of your husband's retirement fund may be a fair resolution.
Follow this link for a more in-depth discussion of retirement funds in MA divorce. Under Massachusetts law, when dividing the marital estate, the Family Court may assign to either husband or wife all or any part of the estate, including retirement funds. Generally speaking, the longer the marriage, the more likely the Court will seek to divide the estate down the middle. So, if I were you, I would contact a Massachusetts divorce lawyer and ask her to look over your situation. You need the advice of someone who does this type of work every day. I do not. Good luck.
Pension
As previously stated by the editor it appears that your husband's position in regards to the pension is unreasonable. The pension can be divided pursuant to the divorce via a QDRO. If you are not currently represented by an attorney, then I suggest you contact an attorney that specializes in divorce for case specific advice.
Wyckoff Nissenbaum
www.SomervilleDivorceLaw.com