Nobody relishes the prospect of a flourishing marriage tumbling, yet sometimes even the best relationships must conclude. Everyone dreams for all marriages to be enduring and filled with love and happiness. That said, ending a marriage often ushers in tumultuous times.
Divorce influences every facet of life, most notably, your finances. Important decisions must be made on splitting assets, settling alimony, deciding child support, along with the hefty expenses associated with starting anew separately. When I experienced a divorce in 2011, I was unaware of how grave the financial toll would be. As I had been married briefly without any kids or substantial shared assets, I was fortunate to avoid costs such as alimony, child support or asset division. But if you’re contemplating divorce and anticipate dealing with these challenges, here are some costs to consider:
1. ATTORNEYS’ FEES
No one savors the thought of paying a lawyer, more so when a divorce becomes bitter. Legal fees associated with a divorce and any additional court-related expenses aren’t usually popular. But if asset division can’t be settled amicably, more fees and court costs can pile up, possibly summing up to many thousands of dollars if it drags on. The lawyer’s expertise and origins also play a role in charges. Although shopping around is an option, a sound recommendation can be more beneficial.
2. ALIMONY
Alimony involves payment provided by one spouse to their ex-partner for maintenance purposes. It can be defined by the court or mutually agreed upon by the divorcing parties. Duration and type of payments vary – it could be lifelong or temporary, and can be paid in lump sums or property transfers. When I divorced, I aimed for the simplest arrangement possible given our brief marriage and lack of collective possessions.
3. CHILD SUPPORT
Child support costs could vary depending upon multiple factors. Legal expenses during custody negotiations could be another burden. This phase can be prolonged and expensive. If the responsible person fails to honor their child support, it could lead to more court visits, raising the emotional and financial cost.
4. EMOTIONAL WELL-BEING
Undergoing a divorce is exhausting, irrespective of whether it’s mutual. This stressful period can affect one’s health and productivity. Also, stress-related spending such as eating out or impulse shopping can add to the expenses.
5. RELOCATION AND JOB TRANSITIONS
Post-divorce may push one spouse to relocate across the city, state, and sometimes, country. This leads to the added burden of moving expenses, possible increases in rent or home purchase costs, furniture investment, and more.
6. NEW FURNISHINGS AND HOME GOODS
Starting from scratch with household items following a divorce can be costly. But smart shopping in second-hand markets may save a few bucks.
7. MOVING FROM TWO INCOMES TO ONE
An abrupt shift from a two-income household to a single income one can be a significant adjustment. Life post-divorce may require lifestyle changes when playing solo economically.
8. NO PRE-NUP?
Pre-nuptial agreements often oversee splitting of assets during divorce, protecting both parties from potential heartache. In the absence of a pre-nup, the financial hit can be substantial.
Navigating a divorce doesn’t have to be exorbitantly costly if negotiations are peaceful. In contrast, complicated and prolonged separation processes can escalate the expenses. Financial soundness coupled with emotional support can ease the stress of a divorce. Can you think of any other costs of a divorce? Or perhaps know someone who experienced a costly divorce?
