Maybe you’ve seen enough facts and figures about divorce to know that it can be quite costly. After all, the average divorce now costs roughly $15,000.
If that figure makes your eyes pop, take heart: You probably already anticipate many of the expenses that go into that figure.
Here are the kinds of expenses that you can expect in a divorce
While every situation is different, these are the sorts of expenses that tend to go along with divorce:
- Moving out and setting up a new residence: It’s not unusual for both halves of a couple to eventually relocate, and that’s expensive. You have to pay security deposits, first and last month’s rent, get your utilities turned on and pay for movers.
- Buying new furniture and household items: Even if you split the household goods with your ex-spouse, you’re probably going to need a few pieces of furniture, kitchen items and other necessities.
- Refinancing loans into your own name: If you had joint credit card debt and a car loan with your spouse, you’ll probably have to refinance everything to move what’s yours into your name alone. That usually comes with additional repayment time — which can equate to more money spent over time.
- Getting your own health insurance: You may have to get car insurance, life and health insurance under your own name — and that’s another expense.
- A new phone plan: It costs money to end many phone plans early — and you may have other digital items or accounts that also have to be divided if you shared them with your spouse.
What most people think of as the cost of a divorce — the court costs you pay to file the petition and the legal fees for your attorneys — are often far less expensive than you realize. The real expense is, unfortunately, simply “resetting” your life from that of a married person to someone who is single again.
Good planning starts with a visit to an attorney
You can manage the divorce process much better when you have good information. The wisest thing you can do when you’re facing a divorce is to speak with an experienced attorney. It may even be possible to obtain temporary support from your spouse (if they’re in a better financial position) while you make this transition.