Going through a
divorce is not only emotionally difficult, but it can also be financially very
stressful as well. While many people are prepared to pay for the legal
fees associated with their divorce, there are often underlying costs they
may not have anticipated. For example:
Real Estate costs: When a couple divorces or separates, one of the spouses needs find another
place to live. Financially this means putting down a deposit, first and
last month's rent, hiring movers, buying furniture, setting up utilities, etc.
Health Insurance: If you were on your spouse's health insurance plan, you will no longer
be covered once you get divorced. Therefore, you will need to sign up
for your own plan, which can cost you several hundred dollars a month.
You can continue the coverage you had under your spouse's plan through
the government's COBRA, but you'll be responsible for paying the
Mental Health: Many people who go through the divorce process experience a variety of
emotions that may be difficult to deal with on their own. It's normal
for someone to seek out therapy to help them cope with the drastic changes
going on in their life. Sometimes a person's insurance policy covers
mental health treatment, but for many people, these expenses come out-of-pocket.
Credit: Credit is one of the top things to suffer during a divorce. It is crucial
that you do not let your credit slip. Even if you are going through the
worst divorce in the country, remain aware of how much you are spending
and be sure to pay your bills on time. If you have joint accounts or your
name is on the mortgage, you should cancel those cards and get the balance
transferred onto an account that is just in your name. You can also have
your named removed from the mortgage if you are not responsible for making
the payments. This will protect you in the event that your ex fails to
Hired Help: After a divorce you may need to hire someone to help around the house.
Whether you need babysitting, home repair, garden work, etc., it all costs money.
Keeping the House: Often times, one of the spouses wishes to remain in the family home,
usually to provide a sense of continuity for the children. However, paying
for household expenses can be expensive, even when
child support is being paid. In some cases, people end up selling the home. But even
putting the home on the market will cost money. You may need to fix up
the house and you'll need to hire and pay a real estate agent.
Taxes: There are a number of taxes that may apply to your situation. It is important
that you are not caught off-guard, and that you are prepared for any tax
expenses that may come your way.
Children and Teenagers: As children get older, the cost of caring for them gets higher. They need
new clothes, school books, computers, cell phones, and will probably want
all of the latest gadgets. It is important that you are prepared for how
much it will cost to raise and care for your children, while they are
young and once they become teenagers.
Call Hutchinson LawCall Hutchinson Law for the help you need.