Divorce is an emotional time and can cause you to feel overwhelmed. If you know in your heart you want a divorce, it’s time to take a step to plan how you will go about it.
One of the first questions that people ask when going through a divorce is “How much is my divorce going to cost?”. While we wish this was a simple answer, the cost of divorce varies on a case-by-case basis.
The Cost of Divorce
If you have a feeling you will have a contentious divorce, you may need to reserve more money for it than if you and your spouse could reach an amicable agreement. Touchy subjects such as alimony and child custody can cause some tension and conflict. If your spouse is vindictive, you could be facing a long divorce court battle, which means more legal fees to pay. Also, a complicated marital estate may take some time to sort out and divide.
The Cost of Your Lifestyle
The next important thing to consider is how to manage your life financially after divorce. Consider if you will have a stable paycheck and some savings to count on. If you have been earning your own money during your marriage, then divorce might not be such a tough financial setback to deal with. For people who rely on their spouses to earn the family money, they will need to get on the work-wagon and start planning on how to earn a personal income to maintain their own household.
A divorce on average can take eleven months. But those taken to court tend to have a longer waiting period concerning their assets being frozen. A divorce, if generally amicable, could last as short as four months. However, a contentious divorce could last as long as two years or more. After divorce, you may get some assets or a share of the equity of your home, if you have one. You may also be entitled to some alimony or child support. However, the best thing to do is to have your own money to help you transition to your new independent life. You may want to consult a financial specialist to help you determine your financial situation and get on the best financial plan for you.
Divorce is a very stressful time, but if you have an understanding of your finances after divorce you can relieve some of that uncertainty. Are you ready to get started on your divorce? Schedule your consultation today.