Unfortunately, not all marriages work out, as nearly 50% of couples who tie the knot will go through a divorce. This can be an emotional time for many and cause financial stress. In many instances, these financial burdens are exasperated by the hidden divorce costs many experience when undergoing the dissolution of their marriage. If you’re going through a divorce, understanding what expenses you can expect is crucial. Keep reading to learn more about these costs and how a Union County divorce attorney can help you navigate this process.
WHAT ARE THE MOST COMMON HIDDEN DIVORCE COSTS?
Though many anticipate the cost of hiring a lawyer or paying for mediation sessions, many unforeseen expenses can arise as your divorce progresses. One of the most significant financial burdens can fall on the spouse who must move out of the shared residence, as they must purchase or rent their own home and pay for new furnishing.
Similarly, if you co-signed a lease with your partner, you will likely need to refinance the lease. This can be an expensive process that increases the length of time you need to spend making payments and increases the cost of your monthly installments.
Another cost many forget to consider when separating from their partner is the expense of separating accounts and joint plans. For example, it can be expensive to purchase your phone plan, as many carriers will require you to pay to keep the same phone number if switching to a new company. Also, if you were on your partner’s health insurance plan, you must switch to your own. If you are on an employer-sponsored health insurance plan, you will notice monthly deductions from your paycheck to cover the costs.
It’s also important to understand that divorce is an emotional time for many. One thing many forget to consider is the cost of therapy, if they choose to see a professional for counseling following the separation. Even with insurance, the out-of-pocket bill for a session can be expensive, especially if you have frequent appointments.
CAN AN ATTORNEY HELP?
One of the most overlooked costs of divorce is hiring the wrong attorney. When you retain the legal representation of someone unfamiliar with divorce law, you’ll cost yourself in the long run. You may end up forfeiting valuable assets or receiving inadequate alimony payments.
You need the assistance of an experienced and competent attorney on your side to help offset the hidden expenses that can cost you big time.
At Ross & Calandrillo, we understand how taxing this time can be. Our dedicated legal team can help guide you through the divorce process so you can focus on the things that matter most to you, like your family and healing. Contact us today to discuss the details of your divorce with one of our experienced attorneys to learn how we can help you during this time.
