Can I Afford to Get Divorced?
If you are considering a divorce, it is important that you understand the costs involved and how it could impact your current and future financial situation. For many people, the decision to divorce is an emotional one. While it is important to listen to what your gut tells you, it is also crucial that you take the necessary steps to prepare for the financial aspect of divorce.
Understanding Your Current Financial Situation
Before you price out how you can afford a divorce, it is important that you understand your current financial situation. Most married couples share their financial burdens and contribute to one shared household. That is, the couple has one home, one mortgage, joint car payments, joint checking and savings accounts, and so on. In anticipation of your divorce, it is important to prepare for how all of these daily expenses will change. There will no longer be one shared household supported by two adults. You will need to prepare to continue to take care of your own expenses during and after the divorce.
Anticipating the Cost of Divorce
Divorce can be expensive. Between legal fees, possible moving expenses, and perhaps spousal support or child support payments, the process can have a substantial impact on your finances. If divorce is the right option for you, you might consider how different methods of divorce could affect the cost. Litigation, a divorce through the court, is often the most expensive means of divorce and can also take the longest. However, most divorces are settled outside of court through negotiation or mediation. Being open to these types of dispute resolution processes can save you both time and money and can keep your divorce more private. To better understand how each of these options could work for your situation, ask your lawyer.
Saving for Divorce
That being said, to be prepared for your divorce make sure you have means to support yourself. While not everyone sees a divorce coming, some do anticipate the split. Whether you’ve just been served divorce papers or you are still contemplating seeing a lawyer, it is important to gain some financial independence in order to secure your own funds to support yourself.
If you need to cut costs in order to afford your divorce, try eliminating some unnecessary expenses. Do you belong to monthly subscriptions you don’t need? Cut back on eating out, try to limit your shopping, and make a plan to conquer credit card debt, if you have any. You can also save money during your divorce by keeping emotions out of the legal process. In a legal situation, conflict costs money so it is important to choose your battles wisely and focus on the long-term. Learn more on how to be cost-effective during a divorce.
The divorce process can be difficult, especially if you are unsure about how you will be able to afford it. The best thing you can do is discuss your situation with your lawyer and financial advisor, if you have one. There might be a more affordable option you haven’t seen, and practiced experts can help you understand the financial costs more thoroughly.If you need help with a divorce, our attorneys can help. Contact McKinley Irvin in Oregon for legal help regarding your divorce.