The Financial Impact of Divorce: 4 Factors That Can Raise Costs

Divorce can be devastating and is often counted as one of life’s most stressful events. Not only can the emotional aspects be difficult to deal with, but the financial effects are also likely to be just as powerful. Alimony, child support payments, and legal fees can all impact the cost of divorce; however, unexpected expenses during the process can also pile up quickly, and being aware of what these might be can help you better navigate the financial storm this event causes.

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  1. An Uncooperative Spouse

When both parties agree to the terms of a divorce, the details are usually settled quickly and might not even require time in court. However, many divorces are wrapped up in emotional contention from both sides, and dealing with a bitter or vindictive spouse can cause a divorce to drag on for months while costs skyrocket.

If you are concerned about the potential cost of divorce because you and your spouse cannot agree on some of the details, there are several ways you might be able to handle this. First, meet with your spouse and try to work out whatever you can before you get any lawyers involved. Put agreed-upon terms in writing and have your spouse sign the paper. The more issues you can solve by talking, the lower court costs are likely to be.

  1. Alimony and Child Support Details

Few things delay the finalization of a divorce than settling the details of alimony and child support decrees. This is usually due to the multiple factors involved, many of which require the services of experienced family law attorneys, such as those who work for Tully Rinckey. While legal fees can pile up in this area, working closely with your lawyer can help you control the cost.

While trying to work out financial and custody details on your own might seem like a good way to save money at first, it can cost you a great deal more in the long run, both financially and emotionally. This can be especially true if you have more than one child or if there is any question of paternity. Child custody laws can also change often, making it difficult to keep up with new rulings.

  1. Arguing Repeatedly Over One Point

When it comes to dividing up property and finances during a divorce, you may come upon a point that you are not willing to change your stance on. It may be a piece of property you worked hard to buy and do not want to give up or a custody detail your spouse refuses to change. This type of cyclic arguing can cause the divorce to drag on and cause hours of missed work, additional childcare costs, and stress that could eventually impact your health.

If you find yourself arguing with your spouse over one aspect of the divorce and you cannot resolve it, ask your attorney to help with remediation. Attorneys experienced with divorce, such as those at Tully Rinckey legal, can sit down with all the parties involved and offer solutions you may not have considered. This type of insight can bring arguments to end so divorce proceedings can continue.

  1. Time in Court

Whether your divorce requires multiple hearings or remediation, time spent in court can have a negative impact on your finances. While your employer may be empathetic to your situation, most companies do not offer paid time off to attend court unless you are called for jury duty. This is something you might want to consider before the proceedings begin so you can try to limit how many times you will have to appear in court.

Divorce can turn your life upside down, especially when it comes to your finances. However, when you understand what might drive up costs, it may help prevent your financial world from spiraling out of control.