Reader Question: I’m Getting a Divorce

Over the past month or so, I have received quite a few Reader Questions. The readers below asked for my help, but they also asked if I could publish their questions on my website because they want to hear multiple opinions.

I’m not sure if either of these two readers will reply (because they want to remain anonymous), but they just might.

I know that they will read your responses though, so please try to help these awesome readers out. I have changed some of the wording in order to protect their identities and to compact their questions. I have also changed their names.

Past Reader Questions include: How to Split Bills Without Resentment and We have $200,000 in Student Loan Debt.

1. I’m drowning in debt. This reader question is from Joe:

I have a lot of debt and I don’t know what to do first. I make around $55,000 a year before taxes. Here are some of the facts:

  1. I have $16,000 in credit card debt, and it’s climbing.

  2. I have $14,000 in car debt, and it’s not even a new car. I made a huge mistake and the car is already having major problems.

  3. I also have $44,000 in private student loans.

  4. The interest on everything is high (all above 8%).

I guess I just want overall help. What should I do? I have extra time to work, but not a whole lot of time.

2. I’m getting a divorce. This reader question is from Katie:

I have a 401K, a small business, and rental properties that my ex-husband and I split. We both put the same amount of work into everything, and we are splitting everything right down the middle.

We have decided to cash everything in and sell it all, so that we can each just get cash and go in our separate ways.

Besides those three things (401K, a small business, and rental properties), I have nothing else saved except for a small emergency fund. I have no debt except for the mortgage on each property, and I will be making money from the sale of each property.

I’m not sure what my very first step should be. Should I invest it all? Look for an advisor to help me out?

So what would you do if you were either of these people?

Let us know in the comments below. You can help them both or just one. All help is appreciated! Also, please be kind. Keep in mind that this is a person who is seeking help.

#QampA

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