‘We have cash savings of $300,000 and investments of $3.2 million, which include that $1 million’
I have been with my wife since 1993. We lived together for a few years and, in 2004, we finally married. We are both in our 60s. When my wife retired, her company offered a one-time payout of approximately $1 million, which our financial adviser put in her name in IRAs. We are relatively wealthy: we have cash savings of $300,000 and other investments of $3.2 million, which include that $1 million payout.
Separate property is typically property owned prior to the marriage that was not commingled with marital assets. “The Florida spousal rights law permits spouses to share all marital debts and assets, even if the debt is tilted under one spouse’s name,” per this guidance from Elder Law, P.A., a law firm with offices across the Sunshine State.
Prepare for your net worth to be halved by the time the ink is dry on your divorce papers, so if you have $3.2 million now, you’ll walk away with $1.6 million. Qualified domestic relations orders allow a spouse to receive a portion of their ex-spouse’s retirement plan. You’ll also have to sell your home, so you may wish to think about downsizing. It’s a tough break in your retirement years, but some couples discover that all that free time puts the marital problems into sharper focus.
Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.Previous columns by Quentin Fottrell:
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