The average US divorce costs $15,000 - no small chunk of change for most divorcees. Understanding common costs associated with the divorce process and preparing ahead of time can help you optimize your budget and find the best path forward in your divorce.
At Conner & Roberts, PLLC, our attorneys have the tools to help you navigate your divorce with confidence.
To schedule a consultation with our team, contact us online or via phone at (423) 299-4489.
Your Taxes & Insurance Costs May Increase
In the US, married couples gain a slew of benefits - including some tax incentives.
However, once you divorce, you may be responsible for a heftier tax burden. This is especially likely if your income is significantly higher than your soon-to-be-ex's.
Similarly, your insurance costs will probably rise once you aren't on a family plan with your spouse anymore.
Other Incidental Plans May Cost More to Keep - or Break
In addition to insurance, married couples often sign a slew of contracts together. For example, you may share a phone plan with your spouse, be used to paying for utilities and internet together, etc.
Costs such as utilities and the internet will probably be more expensive once you're living on your own. However, certain contracts (like phone plans) may cost money to break (assuming you want your own). Your next phone plan may also cost more depending on your carrier, even if you're the only one on it.
You May Need to Pay Off Any Co-Signed Loans
Couples may co-sign a variety of loans together. For example, spouses often take on mortgages and car payments together.
If you co-signed a loan for your spouse, you may need to pay it off before you can finalize the divorce (assuming your spouse isn't able to do so). This can result in hundreds or even thousands of dollars in unexpected expenses, depending on what kinds of loans you share.
An experienced lawyer can help you navigate your case, ensuring your budget appropriately and maximize savings during your divorce.
To schedule a consultation with our team and receive the legal counsel you deserve, contact us online or via phone at (423) 299-4489.