Now here is one more reason to avoid divorce at all costs, literally. Getting divorced may affect your net worth immediately and put you far behind financially from that point and going forward for years to come.
Many divorce lawyers say that they are seeing fewer divorces during this recession, and that an economic downturn typically results in fewer divorces. While financial issues may be putting extra stress on marriages, the reality is that many people can’t afford to divorce or are choosing to postpone or cancel divorce because it could lead to economic hardship.
So what are the expenses involved with a divorce? Here you go with a general guide to two of the biggest expenses in a divorce.
Attorney Fees and Court Costs
The biggest chunk of money that you will spend during a divorce is on the attorney fees and court costs. When it comes to these costs, the simple and more amicable the better. Even a simple divorce can cost between $5,000 and $25,000. For more complex divorces with child custody and other issues, expect to pay up to $100,000. Fighting and arguing over assets for months can increase the costs to well over $400,000.
Setting up the Second Household
The next chunk of money will go toward setting up a second household, since odds are good that a divorced couple will no longer want to live in the same household. You may have two mortgages or at least a mortgage and a rental fee, a second set of utilities, possible increase in child care if one spouse now goes back to work, or child support and alimony, health insurance, etc. It is hard to put a number on a second household because this will depend on what you need and where you live, but roughly doubling your current household expenses may give you an accurate enough cost.
Think you could avoid the second household by having one spouse stay with family or friends? If you have children, you will need to provide two real homes for them.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, creating a home in the Home Blog, caring for little ones in the Baby Blog and now relationships in the Marriage Blog. You can read more of her articles by clicking here.
Related Articles:
Reasons to Give Your Spouse a Second Chance
What Do Men and Women Look for in an Affair?
The Gift of Unconditional Acceptance
For a Good Marriage, Avoid the Story Telling