Need Cash for Divorce Payout

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LadyGeek
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Re: Need Cash for Divorce Payout

Post by LadyGeek »

I removed an off-topic post discussing a relationship issue. As a reminder, see: Acceptable Topics and Subforum Guidelines
This is an investing and personal finance forum. We also maintain a subforum that allow our members to discuss consumer goods and services and recreational activities. Anything else is considered "Off Topic" and is not acceptable on this forum.
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LilyFleur
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Re: Need Cash for Divorce Payout

Post by LilyFleur »

upstate90 wrote: Wed Apr 21, 2021 7:40 pm I didn't need any more examples of why to never get married but this thread provided one anyway.

Sorry for what you're going through. I would do the easiest, quickest, cheapest thing to just settle everything, lick your wounds, and move on with your life.

…and don't ever get married again.
Agree.
Many of us divorced folks in the 60+ age group will never remarry. The risk of being in a community property state after retiring and then going through a divorce (my divorce cost me over $50,000) is simply not worth it. I am very up front when dating that I can take care of myself financially, and that is what I am looking for as well. Unfortunately there are plenty of gold-diggers out there, both male and female.
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whoshighpitch
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Re: Need Cash for Divorce Payout

Post by whoshighpitch »

LilyFleur wrote: Thu Apr 22, 2021 1:05 pm
upstate90 wrote: Wed Apr 21, 2021 7:40 pm I didn't need any more examples of why to never get married but this thread provided one anyway.

Sorry for what you're going through. I would do the easiest, quickest, cheapest thing to just settle everything, lick your wounds, and move on with your life.

…and don't ever get married again.
Agree.
Many of us divorced folks in the 60+ age group will never remarry. The risk of being in a community property state after retiring and then going through a divorce (my divorce cost me over $50,000) is simply not worth it. I am very up front when dating that I can take care of myself financially, and that is what I am looking for as well. Unfortunately there are plenty of gold-diggers out there, both male and female.
It's funny, almost everyone I talk to about my divorce ends up saying something like "when you get married again.." or "When you have a girlfriend move in".... Man I don't think I'm ever going down that road again.
oldfatguy
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Re: Need Cash for Divorce Payout

Post by oldfatguy »

whoshighpitch wrote: Thu Apr 22, 2021 1:20 pm
It's funny, almost everyone I talk to about my divorce ends up saying something like "when you get married again.." or "When you have a girlfriend move in".... Man I don't think I'm ever going down that road again.

No need to throw the baby out with the bath water. You'll just be wiser/more aware (hopefully) about future relationships, whatever form they take.
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whoshighpitch
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Re: Need Cash for Divorce Payout

Post by whoshighpitch »

oldfatguy wrote: Thu Apr 22, 2021 1:33 pm
whoshighpitch wrote: Thu Apr 22, 2021 1:20 pm
It's funny, almost everyone I talk to about my divorce ends up saying something like "when you get married again.." or "When you have a girlfriend move in".... Man I don't think I'm ever going down that road again.

No need to throw the baby out with the bath water. You'll just be wiser/more aware (hopefully) about future relationships, whatever form they take.
You might be right. I won't pretend I know how I'll feel 5 years...10 years.. down the road. It could all change.
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LilyFleur
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Re: Need Cash for Divorce Payout

Post by LilyFleur »

whoshighpitch wrote: Thu Apr 22, 2021 1:20 pm
LilyFleur wrote: Thu Apr 22, 2021 1:05 pm
upstate90 wrote: Wed Apr 21, 2021 7:40 pm I didn't need any more examples of why to never get married but this thread provided one anyway.

Sorry for what you're going through. I would do the easiest, quickest, cheapest thing to just settle everything, lick your wounds, and move on with your life.

…and don't ever get married again.
Agree.
Many of us divorced folks in the 60+ age group will never remarry. The risk of being in a community property state after retiring and then going through a divorce (my divorce cost me over $50,000) is simply not worth it. I am very up front when dating that I can take care of myself financially, and that is what I am looking for as well. Unfortunately there are plenty of gold-diggers out there, both male and female.
It's funny, almost everyone I talk to about my divorce ends up saying something like "when you get married again.." or "When you have a girlfriend move in".... Man I don't think I'm ever going down that road again.
It's early days for you. Best to focus on the divorce and your children for now.
I abhorred the idea of remarriage during my divorce.
I did become engaged--briefly--later.
Now I am happily dating and I have become rather independent.
Pickle11
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Re: Need Cash for Divorce Payout

Post by Pickle11 »

Maybe adjust your tax exemptions and pay penalties and interest in 2022?

You might free up some cash on an intermetant basis.
Breezy
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Re: Need Cash for Divorce Payout

Post by Breezy »

I don't think you should get the money from your parents. You have the money, and it's your divorce. Just take a bit out of both, or take a loan against your 401K, or sell your vehicle, or ... whatever you need. You haven't mentioned your income situation or withholding/401K from paychecks, but do you have any other options? Like, if you have a truck worth 50K, well, there ya go.
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vineviz
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Re: Need Cash for Divorce Payout

Post by vineviz »

whoshighpitch wrote: Wed Apr 21, 2021 12:44 pm
Mike Scott wrote: Wed Apr 21, 2021 12:41 pm Pull in every bit of cash you have in checking, emergency fund, change under couch cushions, any taxable brokerage etc and then take the least amount possible from Roth contributions to get to 50K and move on.
Unfortunately that has already been done, except the change from the couch, but I will start looking. I have $150,000 in a taxable brokerage but she's taking half of that and the other half will be used to buy her out of the house. I will be left with just enough cash to be considered an emergency fund. My only options, as I see it, are tapping the IRA(s) or some type of loan.
Use ALL your cash for the alimony payment and then take whatever more is needed from the Roth.

The IRAs can be your emergency fund for a while.

And I’m sorry for your stress, by the way.
"Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves." ~~ Peter Lynch
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LilyFleur
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Re: Need Cash for Divorce Payout

Post by LilyFleur »

Remember to negotiate who will be taking the children as dependents on taxes and whether it's an arrangement like every other year, etc. And obviously the youngest child will be a dependent the longest...
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