Financial & Health Issues


#1

Can only tell you what happened to me since your financial arrangements during your marriage were similar to mine…the roommate thing. (My ex makes a considerable amount of money and saving was an integral part of our lifestyle.)

My “allowance” was treated as the amount for expenses. That’s what I got and he got to keep the rest of his income. Saving and being frugal did not help me. Because I couldn’t spend it, I didn’t get it.
It did not matter what he spent from “his” accounts. He also got more of the property (i.e. the “savings” than me…looked at it as he earned it and therefore deserved it)

Any marital debts will be both of your responsibility.
Only his income at the time of divorce will be considered unless he is underemployed and could possibly have income inputed to him. Same for you. With comparable incomes, probably no alimony—must be a dependent spouse—but your medical condition may warrant some consideration.

Any property you acquired before the marriage is your separate property. Possible that the interest made could be classified as marital and I’m sure they’ll try that angle. Also, you don’t know what a judge is going to do. They can put so much “spin” on everything and find ways to get around the law without getting into any trouble. Sorry as I hope everything turns out the best possible for you.


#2

The retirement funds and other assets you had before you married are your separate property, unless the property was real estate and you titled it in both names. Any assets acquired during the marriage are marital property unless they were a gift to one spouse or an inheritance. The name of the hold of the assets is irrelevant whether or not they are marital property.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#3

Do the courts not consider that one individual in the marriage works hard and saves money while the other doesn’t? Especially when they have lived for 11 1/2 years with SEPARATE checking, savings and retirement, splitting most bills 50/50. Doesn’t the past pattern of handling money constitute somewhat of an agreement between us that should continue into a property settlement??

I am trying to make sure that I can provide for current and future health care costs related to my MS. I don’t want to be dependent on any type of assistance for my care. However, if the law works as stated, I will not be able to pay my future medical bills if I have to share half of what I’ve saved and and share in HALF of HIS bills.

Wendy


#4

The court generally does not consider which spouse actually did the saving or the spending, unless one spouses spending was grossly excessive. They assume that these decisions were made jointly, even if you can provide evidence that these decisions were not made jointly, it would still be very hard for the court to rule that the assets in your name are solely yours.

If you have significant expenses related to your medical condition, the court will consider that as a distributional factor. Your medical expenses may give the court a justification to grant you an unequal distribution.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780

ROSEN.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.


#5

This is my first post and although I don’t want to be here, I need some answers. I have several questions to which I hope someone can provide answers. I apologize that this is long, but I need so much information.

I have been married for 11 1/2 years. This is the first marriage for both of us and we were 33 & 32 respectively when we married. Because we had such different perspectives on money, we agreed from the start to maintain seperate checking and savings accounts and to split the bills equally. Each month, we each write a check for 1/2 of the bills due.

He works for his family business and has no benefits, whereas I have been employeed with the same company for 21 1/2 years and have excellent benefits. When we married, he had a good job, with benefits, but was so lazy, he was fired. His health benefits are deducted from my pay check monthly and in turn, he reimburses me for the insurance by adding the cost of the insurance to his half of the house payment.

Our wages are comparable, but most likely would not be if he worked for someone other than his mother - he only works three days a week and is very lazy. I contribute to my company’s 401K which includes a 1.35 match for every dollar. He contributes $2000 per year to his 401K. My personal contribution to the 401K far exceeds his annual IRA contribution.

He has recently acquired a new credit card to which he has charged $12,000 and a personal loan for $8000. I was totally unaware of these lines of credit until the bills arrived and he attempted to hide them, but found them while putting away his laundry - he left the bills visible in his sock drawer…

My first question is: Would the fact that we have managed our finances much like roommates make any difference in a property settlement in regards to savings and debt?

Second Question: Would 401K contributions made prior to marriage and subsequent earnings on these contribtions be considered marital property?

Third Question: My company provided a cash balance plan that was terminated prior to marriage. The company continued to maintain the account which accrued interest. On August 1, the proceeds in this plan, which are quite significate, will be rolled into my 401K. Is he entitled to any of these funds?

I have Multiple Sclerosis and the non-insurance cost of a 90 day supply of my medication exceeds $7,000. With insurance, the cost is greater than $3,000, but fortunately, my insurance has a $300 cap on injectable medications. So I’m paying $300 for a 90 supply of this drug, but I have other drug costs as well. However, if my insurance changes, as it has over the years, (I previously paid $25 for a 90 day supply), the expense could be much more.

Additionally, I have the expense of quarterly labs to ensure the MS drug is not causing damage to my system - these doctor visits are only reimbursable as out of network as there are no neurologists in my area that participate with my insurance provider. I also have the expense of periodic MRI’s (which aren’t cheap, even with insurance) to monitor the status of my disease. Each MRI includes different areas of the central nervous system, which are billed as separate MRI’s.

Fourth Question: Would my MS be a consideration in the distribtion of assets, most specifically my savings and 401K? I am ineligible for long term care insurance and my retirement and savings are all I have to ensure that I can attend to my health needs.

One additional comment, after my diagnosis of MS, I decided to discontinue use of the birth control pill due to the number of medications I was taking. My husband decided at that time that we would forego relations since he didn’t want to use protection himself and it has now been 5+ years since…

I apologize for the length of this post and for the numerous questions. I’m confused,angry, an d hurt, but enough is enough.

Thank you in advance for your help