My spouse has a large trust fund, before marriage.
During our 15 year marriage, we've used the trust for pretty much everything: down payment on a large house, ($425k) paying bills, vacations, paying our monthly mortgage, spending money, investing in properties, Christmas, even a monthly "distribution" of
$4,ooo......sometimes more....all it took was a phone call.
Because of this "nest egg," we've never put anything aside for me. There really was no need to, and, to be honest, I didn't think I HAD to. We/I was always told, "Why?...you two are fine, you're set for life, etc.," from family and even the family's financial advisor. Whenever we WOULD get a big check.....ie: from my job or from her grandparents at Christmas or her parents at Easter, etc....we just spent it...we were actually ENCOURAGED to do so!! LOL ("Do something FUN with that!" or "Don't use that on bills or investing, SPLURGE....buy something you want!!" etc etc
Although we didn't begin our marriage like this, over the years we just got spoiled...complacent. Bad spending habits ensued. Because, "Hey, we can always call the bank and get more," we would say to each other......Anyway.......
Spouse doesn't work, and I've had below-average earnings over the span of our marriage...like I said, kinda got "spoiled" I guess. (Everything was always "taken care of.")
I was sekf-employed for 5 or 6 years....now, starting a new job, at 41.....
Also, we have 2 children, (13 & 11) both of whom have ample $$$ set aside for college, their future, etc. (over $250k each)
Wife's fund is now about $2M.
I have $50,000 in an IRA......that's it!
We are now seperated, and will most likely file for divorce soon.
I'm living in my parents basement...she has closed our joint checking account...and I'm currently withdrawing from my IRA until I get my 1st paycheck at my new job.
Spouse has a lawyer, I'm getting one this week.
Funny...I've always said, throughout our marriage, that it wasn't about the money...and it wasn't....if anything....it may have "hurt" me in that, after several years, realized, even though maybe subconsciously, but, realized nevertheless....that I really didn't HAVE to work hard...kinda lost my motivation....got lazy.....ambition went down down the toilet.
And now, ironically....it kinda IS about the money....at least; my LACK of it. I used to buy stock regularly, invest with every paycheck....but after we had kids, I stopped....and rolled what I did have...into our kids trust accounts...(I didn't need it right? hahaha....)
FINALLY...Question is: Am I pretty much going to be left on the streets, penniless? No savings, no house, no future? Do have any "right" to "alimony" or spousal support? Or some of the equity in my house? Or a small "piece" of "her"/once referred to as "our" nest egg? I still love my wife, but she does not want to reconcile......and I don't want to have a nasty divorce and fight over money.....I'll be okay, eventually.....just would like to know what to expect....that's all.....THANX
During our 15 year marriage, we've used the trust for pretty much everything: down payment on a large house, ($425k) paying bills, vacations, paying our monthly mortgage, spending money, investing in properties, Christmas, even a monthly "distribution" of
$4,ooo......sometimes more....all it took was a phone call.
Because of this "nest egg," we've never put anything aside for me. There really was no need to, and, to be honest, I didn't think I HAD to. We/I was always told, "Why?...you two are fine, you're set for life, etc.," from family and even the family's financial advisor. Whenever we WOULD get a big check.....ie: from my job or from her grandparents at Christmas or her parents at Easter, etc....we just spent it...we were actually ENCOURAGED to do so!! LOL ("Do something FUN with that!" or "Don't use that on bills or investing, SPLURGE....buy something you want!!" etc etc
Although we didn't begin our marriage like this, over the years we just got spoiled...complacent. Bad spending habits ensued. Because, "Hey, we can always call the bank and get more," we would say to each other......Anyway.......
Spouse doesn't work, and I've had below-average earnings over the span of our marriage...like I said, kinda got "spoiled" I guess. (Everything was always "taken care of.")
I was sekf-employed for 5 or 6 years....now, starting a new job, at 41.....
Also, we have 2 children, (13 & 11) both of whom have ample $$$ set aside for college, their future, etc. (over $250k each)
Wife's fund is now about $2M.
I have $50,000 in an IRA......that's it!
We are now seperated, and will most likely file for divorce soon.
I'm living in my parents basement...she has closed our joint checking account...and I'm currently withdrawing from my IRA until I get my 1st paycheck at my new job.
Spouse has a lawyer, I'm getting one this week.
Funny...I've always said, throughout our marriage, that it wasn't about the money...and it wasn't....if anything....it may have "hurt" me in that, after several years, realized, even though maybe subconsciously, but, realized nevertheless....that I really didn't HAVE to work hard...kinda lost my motivation....got lazy.....ambition went down down the toilet.
And now, ironically....it kinda IS about the money....at least; my LACK of it. I used to buy stock regularly, invest with every paycheck....but after we had kids, I stopped....and rolled what I did have...into our kids trust accounts...(I didn't need it right? hahaha....)
FINALLY...Question is: Am I pretty much going to be left on the streets, penniless? No savings, no house, no future? Do have any "right" to "alimony" or spousal support? Or some of the equity in my house? Or a small "piece" of "her"/once referred to as "our" nest egg? I still love my wife, but she does not want to reconcile......and I don't want to have a nasty divorce and fight over money.....I'll be okay, eventually.....just would like to know what to expect....that's all.....THANX
