38. “He owes his ex $70k/year and it’s straining our finances and our relationship”

Rebecca and John are both lawyers making good money. John makes more, but unlike Rebecca, he barely has savings, and he has almost nothing to show at the end of each fiscal year. The reason? He’s legally obliged to pay his ex-wife $55k a year as well as maintaining expensive life insurance payments that will cover her should something happen to him. He’s trapped in a bad situation. They both feel like there’s no way out.

Episode 38 of the Money For Couples with Ramit Sethi podcast, hosted by Ramit Sethi, titled "38. “He owes his ex $70k/year and it’s straining our finances and our relationship”" was published on April 12, 2022 and runs 71 minutes.

April 12, 2022 ·71m · Money For Couples with Ramit Sethi

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Summary

Rebecca and John are both attorneys and make good money. While John makes more, he’s legally obligated to pay around $70k annually in alimony and insurance tied to a past divorce settlement. On top of that, his income can vary widely, making the future difficult to plan for—and he has debt. He’s 61 but sees no way he can retire any time soon. They’re dealing with not only the very real financial problems they face but also the resentment caused by them. That resentment colors every interaction they have with money. When I start digging into where the rest of their income goes, they start to get a little dodgy. We’re going to shine a light on some of their spending habits and find a path that lets them live a Rich Life without the stress. Connect with Ramit Website Instagram Twitter Facebook YouTube Linkedin If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here. Produced by Crate Media.