(no subject)

[fancycwabs]

Prior to yesterday, an inability to pay combined debts kept Mrs. Cwabs and I in a sort of divorce-limbo, unable to pay off those debts to get clear of one another and unable to find a way to reconcile. Yesterday I used the nuclear option, cashing in all of a 401k (at great personal loss unless the stock market has a HUGE jump on the day it actually gets processed), and told her it's time to get out. In exchange for taking that hit, I'll be keeping most of the equity in the house (it ends up being about the same amount as the 401k was worth), and hopefully getting out of this for good.

There will still be some financial issues--her car loan is in my name as her credit was crap when we bought it. We owe some back taxes that are just about paid off, and we'll need to file our returns for this year, which may mean more back taxes, or may not.

But at least we're nearing the end. Approaching our two-state solution. There's still the legal stuff, but that should be fairly straightforward.

And if anyone wants to visit Memphis, I have crashing space like you wouldn't believe. Not much in terms of beds for a bit, but lots of room to camp out.

Comments

[snowy-owlet.livejournal.com]

I hope this will result in your greater happiness, my friend.

[loree-borealis.livejournal.com]

*mojo*

[skatiemom.livejournal.com]

Progress is progress.

I'd scold you for cashing in the 401k, but we cashed in mine to buy this house back in 1994. Pot meet kettle, etc. I'll cross my fingers that the stock market takes a little hop on that day.

[fancycwabs.livejournal.com]

Let's just say I wasn't making $700 a month in my 401k, and I was paying that in credit card interest. The tax hit part of it is just part of the suck.

[mybadhairlife.livejournal.com]

It's very sad that you can't roll over your 401Ks like you can with retirement savings up here.

That would have allowed you to transfer the investment to her, and let her take the tax hit.

Moving forward and tearing off the band-aid will ultimately be worth it, though.

*mojo*

[fancycwabs.livejournal.com]

You can roll them over here. But I don't know how giving my soon-to-be-ex-wife tens of thousands of dollars just for a 20% tax hit is gonna do me any good.