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The Financial Impacts Of A Divorce

Posted August 6, 2018 by EasyFinance.com to Financial Advice 1 0

Divorces can be heartbreaking. There is absolutely no doubt that a divorce is going to take a toll on your mentally and physically. At the same time, a costly divorce could very well negatively impact your finances. This is why it is often a good idea to acquire a prenup ahead of time. Of course, most people do not think about that when getting married. So, what should you expect when getting a divorce? What is it going to do to your finances? You’ll find out in the comprehensive guide below.

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Attorney Fees

In most cases, you’re going to be forced to hire an attorney to deal with your divorce. An attorney’s services are absolutely essential for ensuring that you’re able to get what is rightfully yours. Just remember that their fees can be pretty expensive. You might be required to pay hourly. Or, you might be required to pay a lump sum once everything has concluded. Either way, the costs are going to be immense.

Counseling

While you’re at it, you should understand that many couples will fight long and hard before they finally give in. This is something that you’ll probably do as well. You’re probably going to try counseling. This is one of the best ways to fight for your marriage and try to rectify the problems that you’re facing. While counseling can work, it isn’t going to work for all couples. Unfortunately, the costs can be pretty expensive. Be sure to take this into account, because it is definitely going to impact your finances.

Getting It Back Together

Today, many people live in relationships in which only one member of the family is working. This is great, until things go wrong. When that happens, one member of the family will be required to pay and the other one will need to find a way to get themselves back together. It is usually the woman who will be required to find work. However, this can work for pretty much anyone. Until they’re able to get on their feet, they’ll have to scramble around and get money. If they’re lucky, they’ll be able to acquire alimony and child support.

Alimony

That brings us to another subject, alimony. Alimony is undoubtedly going to take a toll on your finances. If you’re required to pay alimony, you can guarantee that the cost is going to be very expensive. However, the amount will generally be set by the judge presiding over your case. If you’re able to negotiate outside the courtroom with a help of a mediator, you will have a little more control over it. Either way you should expect alimony to take a big hit on your finances.

Child Support

If you were the breadwinning in the household, you’re also going to be required to pay child support. This will be the case, unless you’ve managed to gain custody of the kids. If you’re unable to pay your child support, there is a good chance that you’re going to get into serious trouble. Your credit score might be negatively impacted. The repercussions of a poor credit score are available in more depth at the Better Credit Blog. There is also a risk that you’re going to go to jail. Regardless, you can guarantee that the child support is going to make it hard to survive on your current salary.

New Residence

You also need to understand that one member of the family is most likely going to be required to relocate. After all, you’re probably not going to be interested in living with your ex-wife. This means that you’re going to need to search for a brand-new home or apartment. And of course, you’ll find yourself paying rent once again. That too will have a negative impact on your finances.

New Vehicles

In most cases, the assets will be split evenly between the two parties. This is pretty common. If you’re unlucky, there is a good chance that you’re going to lose one or most of your vehicles. If you only owned one vehicle, you might lose it and you might be required to buy another. That too will be a burden. Divorce can be very costly and it will prove to be overwhelming if you let it be. Again, get a prenup in advance to avoid the hassle.

 
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