Premarital Property

D

Darlene R

New Member
Jurisdiction
Pennsylvania
Hi I have a Premarital Annuity with an Income Rider. I live now is Pennsylvania. If I were to get a divorce, I wanted to understand. NOTE: Married in 2013. I have a Premarital Annuity, but had the same funds since 1984, but just in different forms. Since 1984 this account started in a 401K match plan with my company (AT&T). I then left the company and rolled it into a Midland Annuity in 2001. Thereafter, I took this same account and rolled it in 2010 into a Prudental. This time it was a Variable Annuity with and income Rider (never invoked either the Annuity or Rider) and a cash value of 138K. The rider kicked in at 10 years, which would be 2020, but never invoked. MARRIED IN 2013. My husband wants to calculate the value of the annuity by using the Net Present Value and taking the rider amount of 11K yr and calculating TOTAL VALUE at 333K. I think the value should be the cash value of 138K. THIS IS THE QUESTION: IF THE NET PRESENT VALUE IS USED TO CALCULATE THE VALUE OF THIS PREMARITAL ASSET, THE COVERTURE FRACTION WOULD BE USED? IS THAT CORRECT? IF THE COVERTURE FRACTION IS USED, DOES PA LAW CALULATE THE TOTAL AMOUNT OF YEARS I HAD THIS MONEY SINCE 1984 (EVEN IT IT IS IN DIFFERENT FORMS), OR JUST WHEN I STARTED THE PRUDENTIAL ANNUITY? IT IS ALL THE SAME POT OF MONEY. PLEASE ADVISE
 
Darlene R said:
Hi I have a Premarital Annuity with an Income Rider. I live now is Pennsylvania. If I were to get a divorce, I wanted to understand. NOTE: Married in 2013. I have a Premarital Annuity, but had the same funds since 1984, but just in different forms. Since 1984 this account started in a 401K match plan with my company (AT&T). I then left the company and rolled it into a Midland Annuity in 2001. Thereafter, I took this same account and rolled it in 2010 into a Prudental. This time it was a Variable Annuity with and income Rider (never invoked either the Annuity or Rider) and a cash value of 138K. The rider kicked in at 10 years, which would be 2020, but never invoked. MARRIED IN 2013. My husband wants to calculate the value of the annuity by using the Net Present Value and taking the rider amount of 11K yr and calculating TOTAL VALUE at 333K. I think the value should be the cash value of 138K. THIS IS THE QUESTION: IF THE NET PRESENT VALUE IS USED TO CALCULATE THE VALUE OF THIS PREMARITAL ASSET, THE COVERTURE FRACTION WOULD BE USED? IS THAT CORRECT? IF THE COVERTURE FRACTION IS USED, DOES PA LAW CALULATE THE TOTAL AMOUNT OF YEARS I HAD THIS MONEY SINCE 1984 (EVEN IT IT IS IN DIFFERENT FORMS), OR JUST WHEN I STARTED THE PRUDENTIAL ANNUITY? IT IS ALL THE SAME POT OF MONEY. PLEASE ADVISE
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Do you have a divorce attorney?
 
Darlene R said:
Not yet. I was trying to work this out amicably, that is what I think we both want. So I was trying to obtain some information to see if I need to get a lawyer. If he is unreasonable, I will have to get a lawyer.
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Consulting/hiring an attorney is not an un-amicable action. IMO you should get a consult to go over your situation.
 
Darlene R said:
Not yet. I was trying to work this out amicably, that is what I think we both want. So I was trying to obtain some information to see if I need to get a lawyer. If he is unreasonable, I will have to get a lawyer.
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I'm not sure if I understand...

Have you added any money to this account since marrying?

If no marital money has been added, it should be considered a separate asset.

If you have continued contributing during the marriage, then the portion that is due to those contributions is a marital asset. Note: portion. Not all.

In any case, Pennsylvania is an equitable distribution state. Does he think it's equitable to get half of what you came into the marriage with?!

Yes, you need at least an initial consult with a lawyer. I think he's showing signs of being unreasonable.
 
Darlene R said:
I was trying to work this out amicably
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Guess what. Not amicable anymore.

It's simple. You look at your current account statement. You take the current amount of money in the account and you write it on a piece of paper.

You look at a statement you have from 2013 just before you got married. You take that amount and you write it under the first amount.

Then you subtract the second amount from the first amount and the result is the amount that has to be divided between you.

It should look like this.

2022 amount $__________
Minus
2013 amount $__________

Result $__________ (the amount to be divided)

I don't know what you mean by:

Darlene R said:
This time it was a Variable Annuity with and income Rider (never invoked either the Annuity or Rider) and a cash value of 138K. The rider kicked in at 10 years, which would be 2020, but never invoked.
Click to expand...

But if there is money that accrued to you that hasn't been "invoked" (i.e.; added to the account) that's still your money and has to be part of the current amount.

That's it at its simplest level. There may be variables that change the figures.

And it should go without saying (but I'll say it anyway) neither you nor your husband has any obligation to accept information you have obtained from strangers on the internet.

If you can't agree then you need a lawyer.
 
Its one thing to accumulate assets during a marriage.

It is another thing when you have accumulated assets before marrying that hebum/shebum that now demands 50% of what you've accumulated your entire working life.

If the shebum/hebum is making demands or threats, it is time to hire yourself the best divorce attorney YOUR money can buy.

Why?

The hebum/shebum is coming to not just pick your pocket, but to pick your pockets and leave you naked as new born baby.

Once you've accumulated assets, it might be best to forego marriage.

Many people want to wed you when they learn you're sitting on a nest of golden eggs.

If you've survived a vast portion of your life alone, what usually comes after you in your golden years is very often what some call a "golddigger".
 

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