My husband has been receiving a monthly pension & social security since he retired 6 years ago. He took his pension & SS early so it is a lesser amount than he would have received at full retirement. I retired 2 years ago & had a choice of monthly pension or cash payout. I chose the cash payout & rolled that into an IRA. I have the IRA & a 401K along with my SS for income during my retirement. I was advised by an attorney I would have to give him half of my retirement accounts if we divorced. Is this true? My husband is an alcoholic with dementia. I'm trying to protect myself financially should he have to go into a MC unit. Isn't his future pension worth anything?
Looks like you make more money than he does. So you will be supporting him if you divorce. Future pension? He is receiving it already, right. My husbands pension gives no raises but my BILs does give cost of living raises. Did your husband make you his survivor? If so, that gives him less pension than he would have gotten if he didn't have a survivor.
I think you need an Elder Lawyer. He deals with Medicaid law. You can have your assets split with his split going to his care. There is a Medicaid form a member talked about where you claim you will not be giving financial support. IMO, your retirement funds are yours and his are his. In other words, your 401k does not go toward supporting him in a facility.
We really can't help you because States have their own laws and Medicaid varies by state.
If you're not your husband's POA, have him appoint you to serve in that capacity. It would give you access and power to act in his business affairs.
If you really are thinking of divorce, don't talk about it yet unless it's with an attorney. You don't want husband to get suspicious and start hiding assets from you. However, if he's been diagnosed with dementia, he may not be able to act legally on his own behalf to appoint you POA. Or then again, he may be competent enough to do so. Scope these things out before you go public, and good luck.
We really don't have many financial whiz-kids here.
You need expert advice on finances.
You might also try Forums on Motley Fools and on Bogleheads.com as they would know more about finances than most of us.
Good luck.