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!