Planning for Your Divorce
An average wedding can cost around $30,000, but what does the average divorce cost?
It may not be something that enters your mind when you are standing on the altar, staring into the eyes of the person you love. But, unfortunately, it is something that a large percentage of married couple will have to consider at some point in their lives. Prices may vary depending on the complexity of your divorce but the average divorce will cost you in-between $10,000 – $20,000.
At the moment, the marriage rate is on the decline in the United States along with the divorce rates. But that still results in around 50% of marriages ending in divorce and most people do not prepare for a divorce in the same way they might have saved for their dream marriage.
It’s a sad reality, and a large sum, but when it comes to the happiness of you and your partner, it is a price that must be paid.
There are a few things you need to keep in mind when you start planning for your divorce:
A Budget
You need to save for your divorce in the same way you did for your wedding.
A divorce is a lengthy and tiring process, especially when you consider how long you and your spouse have probably talked about it before taking any steps. Use this preparation time to start putting away the money you will need to complete your divorce.
Things can get much more complicated if you have a joint checking account, especially if you haven’t discussed the possibility of divorce with your spouse. The experts at WHFamily Law recommend putting the money aside in cash so you don’t have to worry about setting off alarm bells with your spouse. Also, overestimate how much you will need, especially if you have children or additional relatives to worry about. Sometimes people underestimate the complications that can be found in a divorce so they find themselves coming up short of funds.
Home sale
Whether or not to sell your home can be a very difficult and personal decision. On the one hand, it will free up money that you can use for your divorce and it will be more easily divided between you and your spouse. On the other hand, you may want to keep the house for sentimental reasons and would prefer to complicate the divorce a bit rather than part with it.
Discuss it with your partner and try to come to an agreement about what to do with your home. They may have strong opinions about what to do or it may not even be an issue for them but it is better to find out before you go through with the divorce.
Finances
This is usually the toughest part of any divorce case, not counting a custody dispute. But, you can make the entire process much easier by agreeing to a few things at the start. First you should separate your finances as much as possible. This means freezing joint accounts and revoking access on your private accounts. This will help to make the division simpler and it will avoid any problems you may have down the line if your plans go awry. This includes stopping any paperwork coming through the door, which is so easy to do now.
Make a list of all your assets, debts and sources of income to send to your employers. Your spouse should do the same. Once everything is separate, there will be much less to worry about.
Your belongings
You should start looking for ways to separate your possessions, the same way you did your finances. This will probably lead to a few arguments but keep your head as much as you can and work throughit calmly.
Doing this will set the tone for your divorce and it is often one of the first steps that people take. It’s a good time to learn how to work together again without the constant fighting and hurt feelings that often accompany a divorce. The more you can agree and work as a team through the divorce, the quicker and easier it will be.
Make copies
You’ve probably been a team for a long time so there has been no need for duplicate records. But from now on, you will be responsible for your own finances so you will need copies of all of your important documents.
Once you’ve established what is yours, make copies and forward them to your lawyer. Ask your partner to do the same so all parties are taken care of.
This should include any photographs of assets such as jewelry, art and technology. Just in case anything was to go missing.
Never try to hide any of your financials during this process because it will eventually be discovered and it will severely hurt your case.
Consider other options
A divorce may be the final answer for many couples, but you could also look into meditation and collaborative services.
Just remember that divorce is a huge step. The ramifications of your actions will be felt for a long time so it should not be taken lightly. There is a financial cost to any divorce but the emotional effect it can have on you, your spouse and your children can be much more severe.
Ask yourself these questions before you start planning for your divorce: Do you have children and what will the effect be on them? How do you adjust to a life where you only have to worry about yourself again? There is a lot to think about so you should not try to go through it without help. Find an experienced divorce attorney to answer your questions and guide you through the process because you may find it hard to think straight once your divorce is in full swing.
With 50% of American’s divorcing, it’s important to remember you’re not alone.
