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Prepare for unexpected costs of divorce

On Behalf of | Oct 18, 2023 | Blog, Divorce

Forbes reported the average cost of divorce in the U.S. in 2022 was $15,000 to $20,000.

Divorce can come with a range of hidden financial costs that many individuals may not anticipate. It is important to explore the often-overlooked expenses to get a clear picture of how much ending a marriage costs.

Court costs

If your divorce proceedings require court appearances, you will be responsible for court costs. These expenses may include filing fees and document fees. They can easily add up.

Property appraisals

Dividing assets and property can be a complex process, especially if you own substantial assets. Property appraisals may be necessary to determine the value of real estate, businesses or valuable items. Appraisal costs can be an unexpected financial burden.

Tax implications

Divorce can have significant tax implications. You might need to consider changes in your filing status and potential penalties for early retirement account withdrawals. In addition, after divorce, you may no longer be eligible for certain tax benefits or deductions, such as those related to homeownership or dependents.

Child custody evaluations

If you and your spouse cannot agree on child custody arrangements, the court may order a custody evaluation. These evaluations can be costly and add to the overall financial burden of your divorce.

Moving and relocation expenses

If you or your ex-spouse must relocate due to the divorce, you will incur moving expenses. This may include hiring movers, purchasing new furniture or paying for transportation costs.

Health insurance and healthcare costs

Divorce can lead to changes in your health insurance coverage, which may result in increased premiums or additional healthcare expenses. This is especially relevant if your spouse’s plan previously covered you.

Therapy and counseling

The emotional toll of divorce can be significant. Many individuals seek therapy or counseling to cope with the stress and emotional challenges, and these services come with their own costs.

Each divorce is unique, so the specific costs can vary. However, learning about potential costs can help you navigate the financial aspects of divorce more effectively.