lynnc
recently joined
Reged: 06/29/06
Posts: 10
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my stbx has 3 retirement counts. 2 accts were earned during our marraige. can i assume those will be split between us? the 3rd account is the big question i have. all of it was earned while we have been together and living together. the last payment into this account was 1yr after we were married. after that he switched trades. this account continues to grow. will this account also be considered to be split?
these accts are quite substantial(in my opinion) and together would probably(i have to find the current balances) be close to equaling the balance of the mortgage.
i have no retirement. we withdrew my small acct last yr to pay on some dept and used some for atty for stepd's case.
does the time we lived together before we were married count for anything? we had a joint bank account, shared bills, lived on my income when he was unemployed,etc.
as of this coming november we would have been together 14 yrs, lived together the last 12, married the last 8.
In KS
i also posted this in the financial forum, didn't see this one till already posted.
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Maury
Carpal \'Tunnel
Reged: 06/02/04
Posts: 8146
Loc: This Asylum --->
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"2 accts were earned during our marraige. can i assume those will be split between us?"
They would be considered marital and capable of division. Howeever, not every account is necessary split. It may be balanced out by an award of property to the other parent that is of equal value.
"all of it was earned while we have been together and living together. the last payment into this account was 1yr after we were married. after that he switched trades. this account continues to grow. will this account also be considered to be split?"
That depends entirely on your State. in a Community property state such as Wisconsin, it would be presumed marital, but the other party could argue that he had made a greater contribution to its acquisition and preservation since it was acquired before marraged (Wisconsin does not consider premarital assets non-marital).
In an equitable division state and even in some Community property states, premarital assets are considered non-marital and are not divided. The question would be how much of that account accrued during that first year of marriage and, then how much has that value gained interest over the course of the marraige. This can usually be calculated by looking at the annual return on investment on the account that is provided with each qquarterly or annuual account statement.
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