Having someone show up and build a beautiful new home for you is a lot like winning the lottery. Some people handle these windfalls better than others. In the case of this house, Dawne Kirkwood just couldn’t manage to keep it when she and her husband divorced. In Washington state everything is split down the middle during a divorce so the house has to be sold so that each of the adults can get their share. Dawne was right when she stated in the article, that they should have put the home in a trust for the children. It’s a shame that the parent’s can’t both agree to do that now.
It sure seems to be that people who find themselves with a large windfall definitely have more trouble maintaining that level of wealth than someone who has worked for all of it.
Susy says
Actually that’s probably why they never had that level wealth, not why they can’t maintain it.
Christy says
This does often seem to be the case. A couple that has struggled for decades to pay off a mortgage, or create their dream home from a fixer-upper over half their lifetime have so much more invested in it – emotionally as well as financially – and each other as well, I should think.
Bill says
It is actually very interesting to see the statistics on windfalls. People with large inheritances, or lottery winners seem to always spend more than they get. In fact 90% of windfalls seem to go bankrupt within the first five years of the windfall. Moral of the story. If you get a windfall invest or figure out what you need to spend on debt. Don’t get that Ferrari!