Divorces, while occasionally amicable, are most often difficult experiences that can inflict a heavy emotional toll. While many people are expecting to go through all of that, few anticipate the additional unexpected costs from a divorce that go beyond the division of property, alimony, child support and other expenses we usually associate with it.
Though it may not be pleasant, it is important to prepare for expenses that you would not necessarily expect after the divorce.
Time is Money
During marriage, many couples are accustomed to having joint bank accounts, credit cards, and other financial accounts. Starting from square one with individual accounts can take much more time than you would expect, which, as we know, equates to money. Be prepared to spend days and possibly weeks resetting yourself up financially.
Relocation Costs
If it has not happened already, one of you is moving out. The process of looking for a new residence can take weeks, at which point you may pay more than a few application fees. Once you have found a place, you will have to put down deposits, pay the movers, and pay your ongoing rent or mortgage.
In addition, you will have to replace whatever was a casualty of the divorce —e.g., furniture, appliances, bedding, linens, and whatever else you need to make your new space a home.
Miscellaneous Costs Pertaining to Your Children
During the process of a divorce, before the specific terms of a divorce judgment are entered by the court, a “limbo” period exists. Who pays for miscellaneous costs related to your children during this period is not yet defined.
Usually what happens during this limbo period when it comes to out-of-pocket expenses for your child is that one parent pays and has to wait to be reimbursed by the other parent. This can be an unexpected medical bill, a school uniform, supplementary classes, or anything extracurricular.
Once the agreed upon divorce terms are entered by the court, the responsibility for these costs is usually specifically addressed.
The Costs of Seeing Someone New
Life goes on, and at some point you may start seeing someone new. Though not a sentimental thought, dating is expensive. Between buying new clothes, going on dates, money spent on dating sites or apps, you may find your bank account dwindling faster than you expected. Be prepared to anticipate the cost of getting back out there.
Need to Know More About Your Options in a Divorce?
As expensive as divorce can be, there are many ways to mitigate what you need to spend. Whether you need an experienced mediator to amicably and efficiently settle your case or an aggressive litigator to get you the best result in court, Park Family Law can assist you every step of the way.