suzanna
New
Reged: 04/25/08
Posts: 3
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Does anyone have experience with the Federal Retirement System? My husband is retired and does not feel I have the right to any of these benefits when we divorce. We are trying to do a "do it yourself" type of divorce, however, it is becomming clear on this subject anyway I will need to consult a lawyer. Has anyone else had sucess with this type of divorce process?
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soon2bfree07
Gold
Reged: 10/19/07
Posts: 141
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Hi, my first thought is to contact more than one atty and ask for a free consultation, many do these. Have a list of questions made up before hand.
My stbx is collecting state retirement and he told me the same thing but I know for a fact that with state pension, I am entitled to part of it! The normal formula is the yrs of employment divided by the yrs of marriage DURING his/her employment.
My stbx receives 2400 mo. and was employed for 12 yrs. I was married to him for 6 of those yrs so my share will be 600 mo.
But PLEASE consult w/a few attys before signing ANYTHING!!
Good luck
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suzanna
New
Reged: 04/25/08
Posts: 3
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Thanks for your feedback. We met yesterday to go over property division and he is appearing quite down. I am not trying to get more than what I am leagally entitled to, and I am being quite liberal on his price quotes for items he is keeping and not including his hunting, fishing, tools, horses etc. in our settlement. He is keeping the house and by that alone is getting a ton of misc. that it is not worth the time and effort to put prices on. He still trully belives that I am the one comming out ahead and that is without me getting any of his retirement benefits.
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suzanna
New
Reged: 04/25/08
Posts: 3
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My spouse is buying my share of our house. He had it appraised and deducted the balance for our morgage from this amount to determine the price. Good so far, but then he also deducted a hefty realtor fee. He indicates this is the way it is done per the advice of several bankers. He also added on refinancing fees which is probably reasonable, but I really question the realtor fee since we are not using a realtor. Is this correct?
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Jada
Platinum
Reged: 06/02/07
Posts: 3241
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[quote]My spouse is buying my share of our house. He had it appraised and deducted the balance for our morgage from this amount to determine the price. Good so far, but then he also deducted a hefty realtor fee. He indicates this is the way it is done per the advice of several bankers. He also added on refinancing fees which is probably reasonable, but I really question the realtor fee since we are not using a realtor. Is this correct? [/quote]
I bought my ex out of the house. I was told that the courts don't deduct realtor fees. And the refinancing fees don't get deducted either. All that gets deducted to arrive at equity is the mortgage and any home equity loans. What is left over after is what gets split.
Tell your ex that if he wants to deduct realtor fees, then the house is going to have to be sold. And then what is left over after actual (not estimated) realtor fee's and all other selling costs will be split between the two of you.
Bankers aren't judges in a divorce court. They aren't the ones who decide what gets deducted and what doesn't.
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Nish
Platinum
Reged: 02/18/07
Posts: 1244
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Some of the things you have mentioned here, are very good examples why you need a lawyer to guide you through the process.
I can see splitting the appraisal fee but no way should he be charging you for realtor fees, when the house isn't being sold. Does he plan to give you 1/2 of the additional equity when he does sell it? I doubt it...
Refinancing fees, well that should be his alone, as it is a fee he is incurring to get the mortgage in his name.
You are entitiled to a share of his retirement fund, whether he likes it or not. See what I mean about why a "do it yourself divorce" may not be in your best interest.
I would suggest that you might benefit from at least consulting with a lawyer about what your rights are and what expenses should be divided between the two of you and what should be assumed by one party or the other in the divorce.
In my opinion, the person keeping the property should expect the be out the total cost of refinaning, as they will solely benefit when they finally do sell.
Realator fees when the house is not on the market and may never be, sorry, that ain't going to fly. He got this advice from a banker? Bankers are not divorce attorneys and should not despence legal advice in areas that they don't have a specialty in.
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Jada
Platinum
Reged: 06/02/07
Posts: 3241
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[quote]Thanks for your feedback. We met yesterday to go over property division and he is appearing quite down. I am not trying to get more than what I am leagally entitled to, and I am being quite liberal on his price quotes for items he is keeping and not including his hunting, fishing, tools, horses etc. in our settlement. He is keeping the house and by that alone is getting a ton of misc. that it is not worth the time and effort to put prices on. He still trully belives that I am the one comming out ahead and that is without me getting any of his retirement benefits. [/quote]
But you will be getting some of his retirement benefits. To the tune of 50% of any amount that was contributed to the retirement funds during the marriage plus anything that was earned on the monies that were contributed.
My suggestion, get an attorney. A do it yourself divorce works real well when there aren't any assets to split. But there are in your case.
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allthumbs
Platinum
Reged: 07/12/07
Posts: 376
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The party "buying out" the other party's half of the marital home typically incurs all the cost of doing so. Refinance costs, including appraisal, are all at the expense of "buyer". One cannot deduct the presumed cost of real estate fees as those were not paid. Of course, everything is negotiable but this is how it is typically done. Keep in mind about future capitol gains taxes. According to my CPA, the cost basis will NOT be the newly refinanced amount BUT the original cost of the home when first purchased by the couple divorcing. But the party buying out the other will incur 100% of the capitol gains minus the $250,000.00 per person exemption. In my case, it going to be a lot. EX: Original purchase price $182,500.00. Bought out ex for $500,000.00. Now 2 yrs later, house is worth $350,000.00. If I sold it at that, I'd be OK capitol gains tax wise but would lose $150,000.00 +. If I wait till the market turns around and sell it to break even at $500,000.00, I'd have to pay capitol gains tax on $67,500.00 ( 500K - 182.5K = 317.5K - 250K = 67.5K )At 15 %, that's over ten grand. Something buyers need to know about.
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MommyButterfly
Bronze
Reged: 02/22/08
Posts: 30
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As other posters stated, yes, you are entitled to his retirement. I was told this by my lawyer. My h stated that if we divorce he is going to take a portion of my military retirement (he already is retired from the military), so I asked and my lawyer stated though he can go after my retirement, I can go after his, and since he is also a Federal Employee I can go after that and his TSP. That in the end he will probably end up owing me money.
I believe the amount is determined by state laws, so you might want to look that up or ask a lawyer. Good Luck.
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