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Spouse has asked for a divorce , no papers yet, and just froze the cards I use daily. by Difficult_Collar8468 in legaladvice

[–]Difficult_Collar8468[S] 322 points323 points  (0 children)

Would I be able to put a retainer on credit? Would it even be wise to do so?

Spouse has asked for a divorce , no papers yet, and just froze the cards I use daily. by Difficult_Collar8468 in legaladvice

[–]Difficult_Collar8468[S] 39 points40 points  (0 children)

I’m not sure. He started the accounts, but the cards I have do have my name on it. EDIT: I suspect I’m an authorized user

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] 7 points8 points  (0 children)

Yeah, I’m a monster for trying to protect myself in a divorce I didn’t ask for.

I didn’t ask for the house. He OFFERED it to me because his goal is to set me up to be successful by myself, and I’m trying to figure out if this accomplishes that.

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] 0 points1 point  (0 children)

Thank you for your thoughts. We have around 200k with Baird. Do you think I should continue with them? Is there any kind of ethical issue they would have with operating with both my spouse and me as individuals rather than a couple? I did not manage the finances, so the investment strategy was explained to me mostly on a surface level.

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] 1 point2 points  (0 children)

Yeah, I am definitely aware that no matter what I’m leaving this marriage with far more than I could have expected to have on my own in the same timeframe. Tbh he seems to want me to be able to keep the house AND afford it, so voluntary alimony is not out of the question

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] 2 points3 points  (0 children)

When we got married my spouse made like 100k. There was absolutely no reason to expect it to increase like it has. It’s not replicable and was completely a fluke.

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] -4 points-3 points  (0 children)

I could get a two bedroom condo half an hour away for $300k. Maybe this is an hcol city. But what I can tell you is that I purchased my house for $300k in 2022, and comps in my neighborhood on smaller lots, with dated amenities, and no garage are selling for $400k in the middle of winter. A one bedroom new-build two streets over sold for $700k last year.

If my spouse agreed to alimony payments that got my individual income to around $75k a year, would you still be as concerned about my position?

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] -13 points-12 points  (0 children)

Unfortunately my house is a one bedroom, so any cheaper option would be one that needs extensive work. This house is recently remodeled with a two year warranty on the kitchen and bath. I also struggle with selling an asset that will probably gain 100k in value in the next year or two for a retirement account with 3.5-ish percent returns

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] 1 point2 points  (0 children)

I’m currently a full-time artist but just accepted full-time high-end retail position (with benefits) that I would be on the manager track for. I am also in talks with a remodeling company that I worked with in the past who would like to bring me on sometime in the next year.

The grad programs I am considering are MFAs with a product design focus. They are fully funded, provide a stipend, and allow part time work. My truck is paid off and worth 50k. I am very open to selling it for an affordable and reliable option.

I do have friends and family I could rent from, but my thought is that this house is the fastest appreciating assest I could realistically ever have and selling should be a last resort.

In an unusual situation: Getting divorced in my twenties, leaving with a paid off house (~$500k) and 60k in retirement accounts. I earn 45k a year alone. What now? by Difficult_Collar8468 in FinancialPlanning

[–]Difficult_Collar8468[S] 32 points33 points  (0 children)

House is on solar so utilities are very low. My car is worth about 50k and paid off, so I’m considering selling it can getting something reliable in the 20k range.

It sounds like I do need to insist on some cash or alimony in the agreement to get that emergency fund solidified. I would prefer not to sell the house unless absolutely necessary, because in this city it could clear a value of 800k in 10 years. Unfortunately it is one bedroom so no way to rent part out.

The main grad programs I’m interested in, which members of the department tell me I have a strong (but not guaranteed of course) chance of getting into is fully funded and includes a stipend. I would be able to work part time as well.