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Message
Wife getting 1/2 401K via divorce
Posted on 1/17/23 at 4:09 pm
Posted on 1/17/23 at 4:09 pm
I'm 50 years old with 800K in my 401K, and I'm told my wife will get 1/2 regardless of fault; says the legal professionals.
Not much I can do except try to make up for it in some kind of way.... continue to max it out, get a side gig, etc. Meeting with my financial guy soon to discuss options as well.
Any suggestions which don't include getting back together with wife? Its been filed, so I can't touch it in any way.
Not much I can do except try to make up for it in some kind of way.... continue to max it out, get a side gig, etc. Meeting with my financial guy soon to discuss options as well.
Any suggestions which don't include getting back together with wife? Its been filed, so I can't touch it in any way.
16
Posted on 1/17/23 at 4:20 pm to DUGAST
$22.5k + $7.5 catch up, pedal down
Good luck
Good luck
Posted on 1/17/23 at 4:20 pm to DUGAST
How much did you have in your 401k on the date of your marriage? Whatever you had in it before you got married is still yours.
This post was edited on 1/17/23 at 4:23 pm
Posted on 1/17/23 at 4:24 pm to DUGAST
Does your wife work and have a retirement account? Her shite is in the pot too.
Posted on 1/17/23 at 4:35 pm to DUGAST
Laws are not built to be fair. If you keep half you do a lot better than the majority of men.
Big picture there's a possibility you both end up with 33% of the total if you let lawyers perpetuate and complicate the process. Fifty percent may feel shitty but it is far from a worst case scenario
Big picture there's a possibility you both end up with 33% of the total if you let lawyers perpetuate and complicate the process. Fifty percent may feel shitty but it is far from a worst case scenario
Posted on 1/17/23 at 4:54 pm to Jason9782003
Married for 28 yrs; all considered community property. System is BS, however, it is what it is. I can prove fault and all, simply doesn't matter. She has no savings to speak of. We also have no debt. I guess I can be thankful for that.
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.
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.
This post was edited on 1/18/23 at 6:17 am
Posted on 1/17/23 at 5:14 pm to DUGAST
quote:Good lord son, how bad could it be? Is she abusing you? Get a damned hobby or something. Anything but divorce.
Married for 28 yrs
Posted on 1/17/23 at 5:16 pm to DUGAST
marry a new lady that is loaded and retire early.
Posted on 1/17/23 at 5:46 pm to DUGAST
How much are you expecting from Social Security? Log into SSA and find out. It’s a big supplement if you’ve been a high earner. I’m not filing until full retirement age but mine is over $3K per month.
Posted on 1/17/23 at 6:07 pm to notsince98
quote:
marry a new lady that is loaded and retire early.
Posted on 1/17/23 at 6:14 pm to DUGAST
quote:
I'm 50 years old with 800K in my 401K, and I'm told my wife will get 1/2 regardless of fault; says the legal professionals.
the system here is beyond fricked up.
Posted on 1/17/23 at 6:16 pm to Turf Taint
quote:
$22.5k + $7.5 catch up, pedal down
Good luck
you assume he can keep the same job, same income, same rate of savings. always assume the worst. the perfect scenario was have all that money in a shell corp overseas where she cannot touch it.
Posted on 1/17/23 at 6:19 pm to DUGAST
quote:
I'm 50 years old with 800K in my 401K, and I'm told my wife will get 1/2 regardless of fault; says the legal professionals.
Not much I can do except try to make up for it in some kind of way.... continue to max it out, get a side gig, etc. Meeting with my financial guy soon to discuss options as well.
Any suggestions which don't include getting back together with wife? Its been filed, so I can't touch it in any way.
Save what you can and move to some small Asian/South American country. Money will go much farther. Asia is probably the safer bet
This post was edited on 1/17/23 at 6:20 pm
Posted on 1/17/23 at 6:50 pm to DUGAST
I'd consider giving her more money from non-401k assets to offset that amount as much as possible. For example, giving her more than 50% equity in the house.
That may work out better in the long run (or not) and would require a slight change in how your assets are split in the decree.
That may work out better in the long run (or not) and would require a slight change in how your assets are split in the decree.
This post was edited on 1/17/23 at 6:51 pm
Posted on 1/17/23 at 6:56 pm to DUGAST
quote:
Married for 28 yrs; all considered community property. System is BS, however, it is what it is. I can prove fault and all, simply doesn't matter. She has no savings to speak of. We also have no debt. I guess I can be thankful for that.
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. 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?
If you both worked, but you were the financially responsible one and she was allowed to piss her earnings away because it "wasn't worth the fight", I imagine you've learned a valuable, albeit expensive, lesson.
Posted on 1/17/23 at 6:57 pm to Teddy Ruxpin
quote:
I'd consider giving her more money from non-401k assets to offset that amount as much as possible. For example, giving her more than 50% equity in the house.
I’m not tax guru or cpa but I don’t think this would make sense. 401k is taxable income at your income level not at long term investment levels, where as if you just had cash you could put it into a Roth slowly or other items and it be potentially taxed less? If you already paid taxes on it I don’t think it’ll make sense to swap it. But I may be missing something?
Posted on 1/17/23 at 7:03 pm to baldona
quote:
But I may be missing something?
It may or may not, I was giving an example for him to think of other asset classes he could offset with. It could be a car or rare coins or whatever. I don't know what this guy owns.
As for the 401k, if all we were concerned about was the taxes incurred at withdrawal it wouldn't be nearly as useful of a vehicle as it is. Like the tax deferral at contribution and during growth phase.
This post was edited on 1/17/23 at 7:04 pm
Posted on 1/17/23 at 7:14 pm to DUGAST
I’m assuming she cheated and you filed?
Posted on 1/17/23 at 7:43 pm to DUGAST
quote:
. I can prove fault and all, simply doesn't matter
Oh it matters. Burn it all down. Make her earn that half.
Posted on 1/17/23 at 7:43 pm to Fat Bastard
quote:
you assume he can keep the same job, same income, same rate of savings.
Assumption came from...
quote:
make up for it in some kind of way.... continue to max it out, get a side gig
But hear your point
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