Divorce can be notoriously expensive. The average divorce in the US costs
around $15,000, and that amount can increase exponentially based on the
circumstances of the divorce.
Understanding common costs associated with divorce can help you manage
your budget and set yourself up for financial stability post-divorce.
Cost of Living: the Biggest Post-Divorce Expense?
A changing cost of living is often the most significant expense divorcees
face during or after a divorce.
If you keep the marital home, you'll need to prepare to pay for the
mortgage yourself. You may also need to pay for expenses like transferring
ownership, so the house is in your name only if you co-signed for it with
your soon-to-be-ex. While divorce-related benefits like alimony or child
support can help offset the cost of burdens like mortgage or rent payments,
most people still find themselves paying more for housing post-divorce
than they did while living with their partner. The same goes for individuals
who sell their home and both move into different living situations.
Of course, you'll need to pay for more than just your housing post-divorce.
You'll probably need to buy new essential items, like tools, silverware,
etc. You may also want to invest in new furnishings, which can be surprisingly
Suppose you intend to make divorce a new lease on life and move cities
or countries after you dissolve your marriage (which isn't uncommon).
In that case, you'll also need to factor in other variables, like
the cost of transportation and how much you'll need to ship your items
to your new home.
Brace for Costs Associated with Changing Legal Contracts
Married couples get a variety of benefits in the US. Costs for health insurance,
car insurance, etc. are usually lower if you have a joint plan. Other
contracts, like car loans and phone plans, are also generally cheaper
when you get them with your spouse.
When you divorce, you'll need to separate all the legal contracts you
share with your partner. That process usually requires a fee in and of
itself. But it doesn't end there—many legal contracts increase
in price when you become the only payor on the plan. Figure out whether
you'll need to pay more for various plans post-divorce and start budgeting
now—you'll thank yourself later.
If you share any loans with your partner, you should also look into how
divorce will affect those plans. For example, if you and your ex co-signed
a car loan, you may need to refinance it before you can get divorced—which
could cost thousands of dollars.
You should consider hiring a financial professional like a certified public
accountant (CPA) while you're going through the divorce. A financial
professional can help you budget for life post-divorce, so you aren't
surprised by divorce-related costs.
At the Law Office of Kathryn Marteeny, we help clients navigate divorce
To learn more about our firm or schedule a consultation with our team,
contact us online.