I could use some advice. 46 (F), going through a divorce, where for the past 7 years, I wasn’t ‘allowed’ to handle the finances. Feeling a bit out of practice now that I am on my own. I am currently not employed, and until the divorce is settled I won’t know if I have alimony, but even if I get it, I have no idea how much or how long it would last. I’m not counting on it as he is fighting against it. I do have a good attorney, and should receive at least $150K equity in our house in the next year or 2.
I currently receive $1,200/month in child support, which will continue for the next 42 months.
I’ve ended up with about $200K. 100K of that is in VFIAX. $20K is in various stocks. $80K just sitting in a savings account, I can’t really think clearly what to do with it. I have another $37K in a Roth IRA.
I own a house and owe $130K on it @ 4.75% 5-ARM. Thinking to refinance 15 yr fixed at 3.275%, current payment $812
I owe $9K on a car, @ 3.49%, monthly payment $350
I have worked hard in life and always tried to save. My soon to be ex-husband took most of what I had, and I am trying to figure out a way to grow this $200K in a way that I could live for the next few years with no guaranteed income, other than child support, until I get steady on my feet again and figure out the next steps. I have fallen behind in my profession after not working the last 7 years, and I haven’t been able to start back up due to covid (independent contractor) as my son is at home and schools are still closed. I just want to make the best use of the money, but I really can’t afford to lose it right now, as it is all that we have.
My main questions are, what is the best use of the $80K? Should I refinance the house? Pay off the car? Invest it? What is the best use of $150K that will be coming my way in the next year?
I’m sorry if this is all over the place. Not thinking so clearly these days. Any thoughts appreciated.
Submitted January 25, 2021 at 05:01PM by shamanfi31d https://ift.tt/2Mp7q1O
