Dear Moneyist, He took my jewelry and never saved. How do I make sure he doesn't take my money in our divorce?
I live in Florida with my husband. Things have not been going great lately, and I am planning to divorce him. We have lived in this state for two years. We were both born and raised in Indiana. While living in Indiana before ever marriage, I set up a 401 and put a good amount of money into it. After leaving that job, it was rolled over into a traditional IRA. I have not contributed anything to it since we have been together.
You were married in an equitable-distribution state and you now live in another equitable-distribution state. That means the court will essentially take into account your financial situations, the length of your marriage and other factors when deciding who gets what — and how much. If you lived in a community property state, all of your marital assets, including the money in your accounts, would automatically be divided 50/50. You have an uphill climb protecting the money in these accounts.
Take this cautionary tale: In 1996, a California woman won $1.3 million in the lottery and filed for divorce 11 days later. She didn’t tell her husband or anyone else about her windfall, and two years later her husband found out about it and sued her. Superior Court Judge Richard Denner ruled that she acted out of fraud or malice and awarded her husband all of her winnings. Had she been honest, they both would have walked away with half.
I have more bad news. You don’t say how long you were married or whether you are near retirement age, but put this piece of information in your safety deposit box along with your jewels for future reference: On retirement, a person can claim spousal Social Security benefits based on the earnings of an ex-spouse, provided that the couple was married for at least 10 years and the claimant remains unmarried. But this is often the price of freedom to, as Oprah would say, live your best life.
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