It is not uncommon for people who are getting divorced to worry that their spouse is going to get an unfair share of the assets. However, there are other financial implications of divorce that many people fail to consider.
What are some expenses that come with a divorce that you should be aware of?
Expert fees
Most people assume that they may need to pay for legal assistance to help with a divorce. However, they may not realize that they may need to pay for expert testimony, particularly in high asset cases and cases where there is significant distrust or disagreement between the divorcing spouses.
For example, if you believe that your spouse may be hiding assets, you may need a forensic accountant. If you or your spouse is a business owner, you may need a business valuation expert. If your divorce involves a custody dispute, you may need psychologists and other child custody professionals.
New residence
One or both spouses usually must find a new place to live after the divorce, which means adding the expense of a mortgage or rent. You may also need to hire movers, purchase new furniture and other household items, put down deposits on utilities and cover other moving expenses.
When preparing for divorce it is important to take into account all of the expenses so that you can factor them into your budget. It is also a good idea to fully understand the financial implications before you make any agreements about the division of assets.
