I am currently separated from the father of my children. We were married for 8 years and 11 months. We are getting a divorce; the situation has been prolonging due to the fact that we have two children who are Autistic.
We currently have a town home, which was bought after getting married, and both of us have 401 k, which were established prior to marriage.
We owe around 13,000.00 (credit cards used to pay medical bills). The proposed agreement he is suggesting is keeping the town home, and leasing it.
The town home needs many renovations, kitchen, three bathroom sinks; two bathroom flooring and painting (estimate $12,000.00). The town home is down under. I suggested we sell, and use the loss for tax purposes.
He suggested we invest, and wait for the market to pick up. I would like for him to buy me out of the town home and invest that money in a mobile home.
I would like to purchase a mobile home with three bedrooms, in the price range of $60,000 to $90,000, and rent out two bedrooms. It would give me a source of income, which I could use to make payments. Plus, I will be receiving child support.
I currently work 5-10 hours per week due to my children disability, but I am looking for a job that I could work around 20-30 hours a week when my children are in school. Plus, I am going to contact the credit cards a month or two before the divorce is finalized to make a payment plan for the $6,500.00, and make a plan to pay the debt with in three to four years.
The second option would keep the town home, and leases it. The town home would be sold when the market picks up. I would tap into my 401k, and use that money for a down payment for my mobile home. I am not sure how much penalty I would pay. Plus, I am not sure what period I have to pay the 401K.
Please advice as to what would be a good choice.
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