How do I separate and divorce without loosing everything?
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How do I separate and divorce without loosing everything?
I have decided to separate and eventually divorce from my wife of 32 years. I’m
in Wisconsin, I’m near retirement at 60 yrs. old. My wife and I co-own a 120,000
condo which is only 1/2 paid for. No other assets. My wife has been retired and
collecting SS income and has no other income. She retired in 2014 Sept. I’m a
state worker and looking at a decent retirement of about 2100 per month. I would
like to separate and let her buy my half of the condo but she is not having any
money. What can I do to save all of my retirement income? Will I stand to lose
1/2 of it if I go thru with divorce? What would be the smartest thing to do
outside not doing anything?
Asked on January 11, 2018 under Family Law, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You should plan by seeking consultation from a good attorney in your area and have him or her advise you on state law. Pension accried during a larriage must be valued and your wife is entitled to a portion. That portion will be determined by the company valuing the pension. You can bargain a portion of your pension for the condo. In other words, if her portion of the condo is worth $50,000 (half value minus her half of the mortgage) you can give her the condo and have her waive $50,000 of your pension. Seek help. Good luck.
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