Even the most amicable of divorce cases can present quite a few issues to address. And, once you’re into the case, you may find that the process of divorce isn’t as agreeable as you thought it might be with your soon-to-be ex-spouse. Often, the financial impact of a divorce can cause unexpected levels of stress for both parties.
So, how will a divorce impact your financial situation? Well, it’s different for everyone, but one general truth is probably this: the longer the case goes on, the more it will probably cost you. A recent news article highlighted a few ways to potentially save yourself some money as you think about the overall impact of divorce on your finances.
Financial decisions
Many of the decisions, practical and legal, in a divorce case can come down to financial impact. For example, as you think about the strategy for addressing the issues in your divorce case, have you considered mediation instead of courtroom litigation? Mediation can be a less formal and more open attempt to address and settle the issues in the divorce case—and that process can usually save some time and money.
What to do with the family home is another big financial decision that the recent news article pointed to as an issue that needs some careful thought. Does it make sense for one spouse to “buy out” the other? Or does it make more sense to sell the home, split the profit and each person go and find a new home? These issues are just a couple of examples of many. Each divorce case is unique, but no matter what the facts and circumstances are in your case, viewing the issues in the case through a financial lens—both short- and long-term—can be a good stance for attempting to minimize the impact on your overall finances.