Divorce is emotional, difficult, and often costly. Maritalstatus.com says
that the average cost of a divorce in the United States is about $20,000.
When one adds in alimony payments, dividing assets, legal fees, and tax
consequences, that figure can even rise to a higher level. While most
couples are willing to pay out the costly amount of money for a successful
divorce, they need to be aware of the bill that will accompany their split.
Normally, both spouses will face financial damage in a divorce. While
some news stories seem to portray that one spouse gets hit harder than
others, this isn’t often the reality in a typical divorce between
two middle-class individuals. In some households there is a primary resource
spouse (usually the husband) and a non-resource spouse (normally the wife.)
In these households the primary resource spouse may take more of the financial
burden because he or she is the one that brings home the bacon. Yet there
are also many households where both the husband and the wife work and
make an equal or similar paycheck. Here the burden of finance is normally
split equally. One of the hardest financial tolls on a divorce is the
splitting of the household. Even if one spouse remains in the home, the
other has to go find a new place to live. This means two mortgages, two
cable bills, two electric bills, two utilities bills, etc. Doubling all
of these expenses can hurt both parties.
Also, some divorces come with a tax bill. Depending on your case, you may
have to claim and divide assets right away. When this happens, you may
need to clear out bank accounts and make all sorts of financial decisions
that will end up costing you in tax dollars later on. Also, alimony quickly
adds up. Even though it is paid in monthly installments, the cost of alimony
can be overwhelming. Also, the cost of legal fees can escalate the price
of a divorce. Make sure that you carefully count in all of these factors
before you embark on this journey to separate from your spouse. Need more
information?
Contact Hopper Law Firm today!