You will get 1/2 of all total assets.
And you will pay alimony for the rest of her life, about 50% of your historical gross earnings.
I’ve been through this twice.
Whether you pay Cordell x2 or go in without an attorney will not change the outcome. It’s a formula.
If you have no other income, $500k is not that much.
But, if combined with Social Security, a pension etc. IT’S PLENTY.
After all, you’re expenses are not about 25% of what they were with her as your wife. Whomever she is.
Yes, TWICE.
>>And you will pay alimony for the rest of her life, about 50% of your historical gross earnings.<<
That is my big issue. If I were to argue I was about to retire in 2 years anyway (and have had discussions with a RL financial adviser about that) then maybe I can throw $1MM at her and be done?
Given you were there was such an option on the table?
But I am quite angry and will die broke before I support her beyond 1/2 of our net worth. I have been thinking about an end-life scenario anyway so have nothing to lose.
This is just end-life in slow motion. Thank GOD we have no kids. People get splashed but no one gets hurt.
“And you will pay alimony for the rest of her life, about 50% of your historical gross earnings.”
“It’s a formula.”
Alimony is still awarded I believe, but only as necessary. If your wife was a kept woman, 50% forever is quite likely.
“Child” support is usually how a man gets screwed in the modern USA, now that women are expected to work after marriage.
I’m not a lawyer, but my parents were divorced in Alabama, since New York would not grant my parents a divorce in 1963.
Expect assets to be split 50/50, always in “community property” states like California.
You have no property rights to Social Security. Social Security is paid by the grace of Congress. Ask your lawyer about Social Security and state pension matters.
And, she and her new boyfriend will be happy as clams living off her alimony. She probably knows not to derail the gravy train by getting remarried.
IMHO, invest the 500K into a plain ol' taxable account spread out among many mutual funds in many asset classes. I highly recommend Paul Merriman's Ultimate Portfolio as a guide on how to pick the funds (mine is like his with a few tweaks).
Pick a steady withdrawal rate that you'll stick to each year. Good rules of thumb is between 3% to 5%. So 4% of $500K is only $20K. You know better than the rest of us is that plus your pension is enough to live on.
I assume a 10% growth per year for my investments (not retired yet, but soon). So withdrawing 4% per year means most years your portfolio will grow 6% net (10% growth - 4% withdrawals = 6%). This is basically your own built in Cost Of Living Allowance increases.
No alimony in Texas.