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Surviving Divorce Financially

When there are children involved, things are bound to get even more complicated because not only are you supposed to deal with your emotions but also help your children deal with theirs. Amidst this crisis, the last thing that you think about is the finances and expenses. Although it is important to survive divorce emotionally, it is equally important to survive divorce financially.

In What Way Does Divorce Affect Both Husband and Wife Financially?

Many married people get very used to sharing the ups and downs of life. However, when couples think of divorce, they forget to understand the importance of sharing bills. Divorce can take a toll on the divorcing couple financially. When you stay with your spouse, you are bound to share the burden of electricity bills, gas bills, rent cheques and grocery bills.

Even when one of the spouses is not working, the expenses of living separately can far exceed the expenses of living together. If you think that after a divorce, you will be spending for only one person so your expenses will be lesser, think again. Divorce brings with it innumerable expenses that you may not have even thought of, leave aside plan for it. For example, you may have only one car in your house because your spouse probably drops you to work or you make arrangements in such a way that the car is available as and when each person needs it. However, after a divorce, you may have to buy your own car, especially if there is no public transport around your area.

You may have planned your vacations and goals together. While these type of plans can be easy to let go of, what about your financial plans? There are times when spouses plan their savings in a joint manner. For example, the husband may have decided to invest a major portion of his monthly income while the wife’s income is utilised for monthly expenses. While, this arrangement may have a joint understanding, these savings may not be in a joint account. Therefore, in this case, this arrangement is bound to affect the wife’s future savings.

What Expenses Do the Husband and Wife Have to Incur After Divorce?

First and foremost, you and your spouse will start staying separately after divorce. If none of you chooses to stay in the marital home, you both will have to look for separate accommodations. Therefore, while previously you would have paid the same amount of rent for the entire household, you will be paying double the amount of rent because of staying separately.

So, rent was an extra expense that you had already planned for, but what about your real estate agent’s fee? The fee amount may not be large enough to be a cause of concern but it is these small expenses that end up making a large sum at the end. If you and your spouse are not opting for DIY divorce option, you will have to hire separate divorce attorneys to fight your case. It’s a known fact that that the attorneys charge huge amount of fees for the divorce proceeding because there is a cost involved in any kind of service provided by them to you which may include something as simple as depositing a form on your behalf.

If you and your spouse have differences over important issues such as child custody or financial settlements, your case can truly get stretched in the court. While you end up losing precious time and money, your lawyer stands to gain more and more fees with each passing day.

According to recent studies, married people have better chances of saving adequately for their future than their unmarried or divorced counterparts. With the increased expenses after divorce and surviving on one income instead of two, it is only natural to not save as much as you did while you were married. Therefore, you will have to plan your expenses even more carefully.

Tips to Manage Divorce Financially

If you have children, try and reach decisions about your life after divorce in an amicable manner. You can opt for DIY divorce option if you reach a common ground on important issues. Even if you do not opt for DIY divorce, you stand to save a lot of money when your lawyers have to just fulfil the formalities after the important decisions have been agreed upon by you and your spouse. You will need to be very careful about how you spend your precious money because going overboard with divorce-related expenses can have a negative impact on your child’s future lifestyle.

Manage the distribution of physical and monetary assets in an equitable manner. Do not lie about your assets or liabilities to your partner because this can break whatever little amount of trust that remains in the relationship.

By: James Walsh

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James Walsh is a freelance writer and copy editor. If you would like more information on how to get a quickie Divorce see www.quickie-divorce.com

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