Divorce is an expensive affair. It is not just about the legal fees either; there are so many ways in which divorce may cost you even if your divorce lawyer charges you nominal fees. Here are some of the expenses you should suspect.
Apart from asset division, you also have to share the responsibility of your marital debts while divorcing. You may end up shouldering a lot of debts that your partner incurred while you were still living together. Your state's laws will determine which debts to share and which ones you have to handle separately.
Alimony and Child Support
Depending on the circumstances of your divorce, you may also have to pay alimony or spousal support and child support after the divorce. The amounts you may be ordered to pay will depend on different issues such as your level of income, length of marriage, and number of children, among others.
Replacement of Assets
When properties are divided, you may find yourself without some assets that you need in your daily life or line of work. You may be forced to replace these assets as soon as possible. For example, if you had one car, and it is awarded to your former partner, then you may need to buy another one. Other possible expenses here include moving, renting another house, and making new utility deposits.
If you were covered under your former partner's policies, then you will have to buy your own coverage. For example, it is possible that your former spouse's job provided your whole family with health insurance. Once you divorce, you may no longer be eligible for this benefit, and you will have to shop for your own health coverage.
Some divorces require the input of different professionals. For example, if you have high-businesses, then you may need a professional valuation to put a monetary value on them so that they can be divided. Other potential professional fees include payment for financial advisors and therapists (for divorce counseling).
It's clear that negotiating a reasonable fee with your divorce attorney isn't the only route to keeping your divorce costs low. You can only have a cheap divorce if tackle all the areas that require your financial input. For example, you can agree on how to divide the assets so that each of you gets what he or she needs most. Reducing the number of contentious issues in your separation will hasten the divorce, and a fast process is a cheap process. For assistance, talk to a professional like Law office of Kristine A. Michael, P.C.Share