Sometimes a happy marriage turns into an unhappy one and two former lovebirds decide to go their separate ways.
Divorce is painful and often complex, with numerous unexpected costs and financial implications that you might not consider amid everything else going on in your life.
A divorce will alter your tax filing status which means tax season gets a bit more complicated. A qualified accountant or tax professional can help ensure you don’t face any surprises with your return.
You’ll also need to consider the lifestyle changes that come with a divorce. Losing an entire income and way of life alters your expenses and what you have available in your bank account to fund them. There’s a reason why divorcees get depicted as living in a tiny bachelor apartment living off Ramen noodles. A little extreme, but it shows that you will probably need to make some changes.
If one partner leaves the family home, there may be associated expenses – renting or buying a new property, alimony, or child support payments for dependent children.
Division of assets can be a huge undertaking requiring an attorney or mediator to navigate, and they don’t come cheap. It’s important to factor this expense into your budget before starting the divorce process.
Splitting assets fairly may require financial advice from an advisor who has experience in handling divorce costs and settlements. Make sure you understand the fees upfront. In challenging times, you may want all the help you can get.
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