Retirement/ Social Security vs' STRS

[TopGun]

Has anyone on this site have an ex who works in a school system, who has STRS (State Teacher Retirement System)?  Here is the thing.  I have a 403(B) and Social Security and my wife has STRS.  My stbx and her attorney are saying that my 403(B) and the equity of the house cancel each other out.  My 403(B) is a retirement plan and not a thrift plan.  So she has close to $250,000.00 in her STRS, while I have (If it is still there when I retire) $76,000.00 in Social Security.  She made a proposal that she would give me $25,000.00 in a lump sum.  We have $62,000.00 in equity, so I deserve, by law, $31,000.00 plus $52,000.00 from her STRS.  Does this make sense, or am I looking at this in the wrong manner.  Shouldn't my retirement (403B) and social security be added and then subtract that from her STRS and then divide that?  Let me know please.  TG

[Aim]

While I don't have an answer for you - I do know that Social Security shouldn't factor in.

If you have been married 10 yrs or more when the divorce occurs- your former spouse is eligible for social security benefits based on your earnings history (unless she remarries)

if you are divorced after at least 10 years of marriage, you can collect retirement benefits on your former spouses? social security schedule. You need to be at least 62 and your former spouse must be eligible or is currently receiving benefits. The benefits you are entitled to receive are at the amount of 50% of your former spouses benefits and since your husband was the higher wage earner, most likely his benefit amount will be greater than yours.
The exception to this rule is if you remarry. If however, your second marriage were to end later whether by divorce, death etc., you would again be eligible.

http://www.womansdivorce.com/divorce-and-social-security.html

So in your case, I assume she can get her teacher's benefit and social security

[m_t]

As far as I know, Social Security does not factor in to a property settlement. However, both retirement accounts do. As for the equity in the house... is the house in YOUR name only? That may be a factor.

[chill]

would it matter if the social security was a form a disability?

[livealittle]

would it matter if the social security was a form a disability?

only if that is your income - example, husband is disabled and recieves $1000 a month from SSDI - social security disabiligy income - and that is his only income. It goes into the calculations as income for disabled husband. In my hypothetical situation, wife makes $100,000 a year. Obviously, she shouldn't recieve any alimony from disabled husband whose only income is disability at $12,000 a year.

but, talk to your attorney and do some of your own research for what is standard and customary for your judge in your city/county/state.

[InDenial]

Has anyone on this site have an ex who works in a school system, who has STRS (State Teacher Retirement System)?  Here is the thing.  I have a 403(B) and Social Security and my wife has STRS.  My stbx and her attorney are saying that my 403(B) and the equity of the house cancel each other out.  My 403(B) is a retirement plan and not a thrift plan.  So she has close to $250,000.00 in her STRS, while I have (If it is still there when I retire) $76,000.00 in Social Security.  She made a proposal that she would give me $25,000.00 in a lump sum.  We have $62,000.00 in equity, so I deserve, by law, $31,000.00 plus $52,000.00 from her STRS.  Does this make sense, or am I looking at this in the wrong manner.  Shouldn't my retirement (403B) and social security be added and then subtract that from her STRS and then divide that?  Let me know please.  TG

I don't believe social security enters into a divorce settlement.  That comes from the government, according to their rules, and neither you nor she have any control over it.  Also she should have social security as well.

My thinking is that she owes you half of the DIFFERENCE between her STRS and YOUR 403B.  What is the value of your 403B?  If it's not a cash balance plan but more like a pension, you may have to hire someone to appraise its value.

And if she is keeping the house, she owes you half the equity of that as well. If you're keeping it, you owe her half of the equity.

One final wrinkle is that Ohio is apparently an "equitable distribution" state, which means that things don't HAVE to be divided evenly.  My state is also, and  I know of cases where the spouse who earned less asked for, and received, a 60/40 split. This may be in addition to, or instead of, alimony.  You would need to consult with your lawyer as to whether you can make a case for more than 50%, and conversely whether your STBX can make a case for more than 50%. 

What does your lawyer think of her offer?

[Annaka]

TG,
I am also covered by a STRS (I'm not a teacher but I work in academia). I have both SS and STRS retirement deducted from my pay but teachers in my state (TX) do not pay into SS. Does your wife pay into SS as well as contributing to her STRS?
Annaka

[m_t]

You also have to account for how much was accrued *prior* to the marriage vs during it.