[Tricky1549]

I live in New Jersey and contemplating divorcing my wife of 25 years. I'm 55 soon to be 56 in August, she is 52, soon to be 53 in Sept. We have 4 children, 24, 22, 20 and a 14 year old. I just retired Dec.1, 2012. She hasn't worked since 1997. I have an $8,000 a month government pension. She has no income. We have a home worth approx. $550,000, with mortgage of $186,000, 20 yrs left. A second of $79,000 with 9 yrs left and a third of $40,000 with 6 yrs left.
We have $105,000 in the bank. I/we have a deferred comp"457" with $145,000, an IRA of $11,000 another IRA of $15,000. She /we have an IRA of $20,000 in her IRA.
We have a rental house worth approx. $200,000, no mortgage, income of $2,250 a month.
We have about $80,000 in other debt. Pension loan, CC's ,co-signed the children's college loans
What is the worst case scenario with this picture. Thanks

[AK lawyer]

With a financial picture like that, you appear to be in very good shape. So what's stopping you from consulting with an attorney in your jurisdiction, who could provide a way better answer than most of us could?

[Tricky1549]

Thanks for reply but just wanted an idea what to expect when I speak to an attorney and conjuer up some questions to ask him/her.

[joypulv]

You probably know that NJ isn't a community property state.
I would say that the worst case is that she hires a better lawyer than you do, and is willing to spend any amount on said lawyer to get revenge. She will want the house, support for the 14 year old, and support for herself for the rest of her life, given that she will have a hard time getting a job again. You can hope she remarries.
You should know that divorce is a free-for-all fight.
You could save a lot of money by having it mediated by one legal team if she will agree and your offer is reasonable.
My ex and I worked out our own settlement and spent $100 on the filing fee, but all we had was a house, no kids.