Seeking Information

[wanttohelp]

Wanting to find out more on the spousal support in MN.

Both are over 65
Both have jobs (make roughly same amount of money)
Both collect social security
Only real asset is the house which is paid off

As MN is an equitable distribution state, if she is offered a lump sum for the house (after the value is determined) is it reasonable to assume that the court will not order additional support?

Sorry if I am being cryptic....at this point I am nervous that she (or her minion friends) will see this

Any help will be greatly appreciated

[Anything4Her]

If the situation is as described, there should be no support ordered either way.

[stretchkr]

Having talked to several lawyers in MN for mine, lawyers said in my case it would be very unlikely any support would be ordered, and my stbx made less than half of my income at the time, but we have a short marriage, 5 years.

[wanttohelp]

Thank you....that is what I am hoping will happen.

It is bad enough that he is going to have to re-finance the house to pay her "her fair share"....

He worked his butt off in order to pay that house off and have no outstanding debts so that when they "retired" they would be working for fun money.....now he will be paying a mortgage.

unbelievable

[coscrewed]

I'm not familiar with MN, but many states will consider future potential for earning as well as current income when determining alimony.

Since both parties are so close to retirement, that means they will look at projected retirement income as well as current income. If either party has a retirement plan, IRA or 401K, that is seen as a MARITAL asset. If one spouse is going to get $1000/mo from a pension at age 65 and the other $0, rest assured that will be taken into consideration.

When you say the only real asset is the house, did you consider retirement savings or pensions?

How long have the couple been married?

[wanttohelp]

They are both officially "retired" but continue to work for supplimental income.

Because my dad had his own small business, without any kind of 401K/pension, he knew that he would need to pay off everything and have a little savings. Now the savings will probably go to attorneys and the house will be mortgaged.....

They are both healthy and working....but I forsee her believeing that she is entitled to support. After all...she did contribute to the marriage by buying groceries sometimes? (my level of sarcasm is increasing.....)

Honestly, this whole thing makes me so angry....she can run around and say whatever she wants and there are no consequences.....She says he's having affairs (he's not) she says he has a "rage" issue (he has never laid a hand on her) ......the list is endless.....

[coscrewed]

No savings, no pension, no 401K/IRA? No Social Security, either?

No bank is going to give him a mortgage at age 65 if he is totally living on his "supplemental" income. The house will be sold, the proceeds split, and both of them will have to do whatever they can do with the proceeds as far as making living arrangements.

No Social Security, either?

The good news is that spousal support is unlikely if he has only a subsistence income.

[wanttohelp]

They collect social security as well as have full time jobs.

The mortgage will only be for half the value of the house...roughly 60K