When people think about the cost of divorce, they often have a rather limited understanding of what that can actually mean. For starters, while the financial cost can be substantial, that isn’t the only cost we’re referring to here. There is the emotional and psychological cost to consider as well, both for you and for your children. So if you’re contemplating a divorce, here are a few things you will need to think about beforehand. Let’s start with the financial considerations…
Household expenses increase when one home becomes two
The cost of two households is invariably going to be double what it costs to run one home, (sometimes even more). So if you’re debating divorce, you may want to spend a little time tallying up what it would cost you to survive, living on your own. Especially if you have children. Running a household can be very expensive, and according to recent statistics, it’s actually impossible to do nowadays on a single minimum or low wage job.
For the very wealthy or the very poor (who are most often dependent on government subsistence) this is less of a factor. But for the substantial number of households in the middle income bracket, this can mean a very significant change in the way you’re accustomed to living your life.
Breadwinners often take on additional payments after divorce
Bear in mind that if you’re the breadwinner in your home, (especially if you are the only one earning an income) leaving your spouse might mean being required to make monthly support payments. This could mean child support, or even spousal support payments (sometimes it means both!) These can add up to a significant drain on your income.
On the flip side, if you’re not the financial provider in your home, remember that while your spouse may have to make monthly payments to assist you financially, don’t expect these payments to cover all of your basics. You may now be required to earn an income of your own. This can be a challenge if it’s been many years since you worked, or you have little education or few in-demand skills to offer.
Your divorce attorney will need to be paid for their time
While it’s entirely possible to get a divorce without help from an attorney, this is only ever a successful endeavor when the divorce is completely amicable. You and your spouse are willing to take on the task of splitting your assets in a way that is fair to both and that you are both comfortable with? Very few couples are able to achieve this.
For this reason, attorneys are a great help because they’re familiar with the law, and with what needs to be signed and filed by what date. However, we no longer live in a barter and trade society. You can’t pay off your attorney’s fees by baking them a few batches of cookies. Attorneys are not cheap and, very often, you get what you pay for.
In the next segment we we’ll continue our breakdown of the true cost of a divorce, so come back to find out more! Until then, if you or a loved one have already decided to go ahead with ending your marriage, call The Kronzek Firm at 866 766 5245. Our experienced family law attorneys can help you to work through all of the details and achieve the best possible outcome in your case.