Thursday, I stopped by the courthouse on my way to work and finalized my divorce. The whole process was, despite the mountains of paperwork, surprisingly brisk. About four months from first serious discussion to finalization, and the hearing lasted all of twenty minutes. The judge commended us on our “professionalism” and the care with which we had filled out our forms, gave us some orders he had typed out based on them, and sent us on our way. I was at my post at the library when the doors opened for the day.
Now, that doesn’t mean that we have finished tying up our loose ends–far from it. Now that the XFP and I are officially separate legal entities, I thought it would be a good time to take stock of where I am financially–and some remaining pitfalls.
Frankly, disaster looms on this front. We had a contract. Buyers backed out fairly quickly–changed their minds about the neighborhood. Got another contract, cash from an investor, almost immediately, with a 21-day close. I moved out and signed a lease on an apartment. Then the investor changed his mind, too. (We got to keep $500 of the earnest money that time, which is better than a nail in the foot.)
We have both signed leases and have rent to pay, so now it’s a race to see if we can find another buyer before we default on our mortgage. Fingers crossed. We are getting a lot of showings and a fair bit of interest and we still have room to drop the price, so I am optimistic about our chances. Our arrangement calls for me to receive the first two thousand dollars of proceeds with the rest being split, so hopefully I’ll get a little money out of it.
Exchange of retirement accounts
We accidentally made a settlement that we can’t implement yet. The XFP agreed to transfer some of his 403(b) to me. However, he had borrowed against it, and so his bank will not divide it. I will need to monitor the XFP’s progress toward the loan; since all indications so far are that he is acting in good faith, I’m willing to be a little patient. (The plan is to pay it off with the proceeds from the house, assuming there are any.)
This is a big question mark. Can the almost 18-year-old Auto Paragon last a few more years if I sink some money in it? Is it reliable enough transportation for a single mom? It seems to be making a peculiar noise and the transmission could be going bad. I will bring it to Dave the Acerbic Mechanic for his assessment. If his opinion is unfavorable and the proceeds from the house are adequate, I might consider replacing it. (I am imagining something similar to the XFP’s 2008 Fit.) If he thinks a moderate cash infusion could keep me driving in reasonable safety (if not, by any stretch of the imagination, in style) for a bit, then I’ll have it fixed up.
Currently, it has bits of tape and cardboard and scraps of packing paper all over the floor, the ottoman is blocking the patio doors, my dresser is wedged unsatisfactorily into the children’s closet, and my daybed/the couch (thanks again, Grandma FP) is covered by a mismatched full-size quilt that I’ve owned for twenty years.
I’m working on it.
I’m also working (in the form of trying to save money and increase my earning power) on getting us a place to live, in the future, where I don’t have to sleep in the living room or go outside to do laundry.
Well, it could be worse. I have $600 in my HSA that I could access at any time (by submitting the receipts I have saved). My intention is to build this up as an investment instead, but it provides a little extra security.
According to YNAB, I hang on to each dollar for an average of 36 days before spending it, so I am not living on credit card float–pre-YNAB, I’m not sure I could say that. I have seven hundred dollars earmarked for paying the lawyer who helped me with my divorce paperwork and I may be able to add a little more at the end of the month. For good measure, the Frugal Patriarch* is, I hear, sending me a check to help jump-start my new life, and that will provide an extra cushion.
I also have nearly twenty thousand dollars in personal retirement savings, not counting the share I hope to receive from the XFP. It’s not much, but it’s more than nothing.
Lots of balls in the air. Lots of question marks. But I have a lease on an affordable apartment, a car that runs, and enough money to cover a couple of minor emergencies. That’s a start.
*AKA my grandfather. Yes, he refers to himself as the patriarch, and I am sorry if you do not personally know him, because he is a millionaire next door and master storyteller and just simply a great person to sit around with drinking wine and shooting the breeze.
Where do you stand this month? What are your looming question marks?