Cost of Divorce: Planning Financially for the End of Your Marriage

 Posted on June 19, 2015 in Divorce

Preparing financially for divorce and post divorce life can be extremely difficult. Anyone with divorce experience will tell you that it is no small cost to separate from a spouse. Commonly, a divorce costs the same or more for a couple than their wedding. While the true cost of a divorce is difficult to estimate, preparation ahead of time can help ease the divorce process and help you settle into your life as a newly single person.

If you are considering a divorce, the first step in financial preparation is gaining an understanding of your current finances as a couple. Look at your monthly bills, tax returns, and any bank accounts that both spouses share. Often, one spouse in a relationship may share more financial responsibility than the other. Whether you handle the finances in your relationship or not, it's important to understand your situation before a divorce so you can prepare the best financial outcome for yourself.

For those partners that hold less financial responsibility, meeting with a financial advisor prior to divorce can be extremely beneficial. An advisor can help guide you through financial separation and re-establishment when single. A common mistake, experts say, is waiting until during or after your divorce to map out your finances. Do not wait until after your divorce to plan for your life as a single person. One of the hardest transitions when going through a divorce is change in lifestyle. Plan ahead for your expenses after divorce. It is common for people who have recently been divorced to continue spending as they had when they were married. A financial advisor can help you put together a budget for the future. If you were not the one paying the bills in your relationship, you must start preparing for financial independence.

Both you and your partner can minimize the cost of your divorce itself. Having as amicable of a divorce as possible can help speed your divorce along and lower attorney costs. If you and your partner can sort through things on your own, that can mean less attorney involvement and a quicker outcome, leading to much lower attorney fees.

Preparation is the key to success in your post divorce life. If you are currently facing a divorce or planning for one, a qualified DuPage County divorce attorney can help. Please contact the law offices of Stock, Carlson, Flynn and McGrath, LLC at 630-665-2500 today to schedule a consultation.