Definitely some major life changes and setbacks due to divorce, but I'm in complete control of my own situation now and feeling really good about my direction
- The divorce was finalized last month and only thing left is splitting my 401(k) at work. The value is $245,000 and she is going to end up with about $110,000 of that.
- Spousal Support: $2,000 a month until June 2016 (I opted to pay this despite her infidelity. It was easier on the kids not to go nuclear option in battling this out in court and gives me the peace of mind that maybe she'll use this time to establish herself in her own career, let's hope. So far it's been extremely cordial between us and the girls have really handled it great considering. I don't second guess that decision to be easy on her)
- Child Support (not bad, it's for my daughters) is set to $1,400 a month right now. I'm guessing that'll go up because of my raises at work.
- I don't own a $900K house anymore with a $4,500 mortgage. And that feels great! Sold it back in March as a part of the separation agreement I made the sale of that a requirement and closed off any stalling methods.
- My income has gone from $110K 3 years ago to $175K last year. I'll probably be close to $200K this year.
- Instead of paying down the 401(k) loan which was about $35,000 outstanding with our savings before splitting assets, I got my ex to accept splitting the 401k at current value and I'd carry the pay back of the loan myself on my share. So this allows me to boost my 401k over the next year. I may just pay it all back in a lump sum. So my 401K share is about $135,000 right now and it'll actually be about $170,000 when I do that.
- Savings: I have about $70,000 in investments after we sold the McMansion and paid down marital debts.
I am renting (which is painful) for the short term, but is working out really well for me. $2,000 a month for a modest 3 bedroom townhouse that is 5 minutes from my work. I can't put a price on that commute. My daughters each get their own room when I have custody. Despite the combined $3,400 monthly spousal and child support to ex wife for this upcoming year I'm actually doing great with cash flow. I have no debt at the moment.
Waiting till June of 2016 to make any moves on purchasing an investment property to get back into the housing market. In the mean time boosting my 401K contributions and savings on the side.
Net worth at 32 is $205,000
Life is good