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  • FIRST POST
    • KzOster
    • By KzOster 1st Aug 19, 7:47 AM
    • 1Posts
    • 0Thanks
    KzOster
    Live on divorce settlement?
    • #1
    • 1st Aug 19, 7:47 AM
    Live on divorce settlement? 1st Aug 19 at 7:47 AM
    My ex traded me in for a younger model and divorced me 2 years ago. I've been awarded most of the proceeds of the house sale because of his refusal to pay child maintenance (becoming self employed, moving, changing jobs - anything to stop payments). I'll receive 32k.

    At the moment I'm a student on tax credits going into my final year at uni to try and create a better life for my SEN kids. I manage because of things like free school meals and uniform grants. This money has got to be used wisely because my benefits are going to stop now I woud think, and rightly so.

    Any tips please on how to make it go further and how it will affect my oldest one, who bases their student finance claim on my income? I wanted to use the money as a deposit on a house but I'd have to move away from family support and change the kids' schools to go to a much cheaper area I could afford. Or I could buy very cheaply and rent it out? But then I'm not sure how that would work with my own living costs. I also have the option of putting some into paying off the last of my parents' mortgage. I will likely never have an amount of money like this again and want to do the best I can for my family. If I sound stupid it's because I'm very stressed by the worry of it and don't know what to do. The kids depend on me and there's no-one else so I have to get it right.
Page 1
    • Savvy_Sue
    • By Savvy_Sue 1st Aug 19, 9:19 PM
    • 40,100 Posts
    • 37,466 Thanks
    Savvy_Sue
    • #2
    • 1st Aug 19, 9:19 PM
    • #2
    • 1st Aug 19, 9:19 PM
    I also have the option of putting some into paying off the last of my parents' mortgage.
    Originally posted by KzOster
    But why would you do this? How does it help you and your children?
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
    • onwards&upwards
    • By onwards&upwards 1st Aug 19, 9:37 PM
    • 1,178 Posts
    • 2,366 Thanks
    onwards&upwards
    • #3
    • 1st Aug 19, 9:37 PM
    • #3
    • 1st Aug 19, 9:37 PM
    Paying someone else’s mortgage won’t help your family!

    The best thing is probably just to live off it, frugally and making it stretch, until either you find work that can support you or the amount drops below the level where you can claim benefits again, whichever comes first.

    This site is fantastic for learning how to budget and get the most value out of every penny. Don’t spend anything without researching on here first!

    You can put as much as possible into decent savings accounts to earn a little interest too, there’s a good guide to saving here on MSE.
    • BAFE
    • By BAFE 4th Aug 19, 7:52 AM
    • 187 Posts
    • 183 Thanks
    BAFE
    • #4
    • 4th Aug 19, 7:52 AM
    • #4
    • 4th Aug 19, 7:52 AM
    What is your ex doing with his share of the proceeds? Could you do something similar?
    • MovingForwards
    • By MovingForwards 4th Aug 19, 8:35 AM
    • 2,389 Posts
    • 2,816 Thanks
    MovingForwards
    • #5
    • 4th Aug 19, 8:35 AM
    • #5
    • 4th Aug 19, 8:35 AM
    I know you are bitter with what happened with your ex, time is a healer!

    I wouldn't normally suggest this but how about using it to buy a shared ownership property? Less money to raise and the possibility of staircasing to own 100% as things improve with your life?

    Something to think about when you have completed uni.
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