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What are the hidden costs of divorce?

It’s no secret that divorces are expensive. The median cost of a divorce in the United States is right around $7,000, although individual experiences can most definitely vary.

Most of the time, people think of their “divorce costs” as what they have to pay in filing fees, court costs, attorney bills and whatever assets they might have to split with their spouse. They are not, however, thinking about some of the hidden costs of divorce.

The “soft” costs can really hurt your wallet

The “soft” costs of a divorce are those things that aren’t easily quantified. They also vary greatly from one person (and situation) to the next. When you’re starting to do your financial pre-planning for your divorce, here are some of the soft costs that you may have to factor into your decisions:

  • Moving: You need, at minimum, the first and last month’s rent and a security deposit, which can easily run into thousands of dollars. Plus, unless you have a truck and some willing friends, you may have to pay movers.
  • Utilities: Turning on the utilities and internet in your new place can also be expensive, especially if you haven’t had them in your name before and have to put down hefty deposits.
  • Insurance: If you were on your spouse’s insurance, you’re probably going to have to find your own fairly soon. That’s an expense that you may not even be thinking about, at first.
  • Refinancing: You may need to refinance a car, a house and/or credit cards into your own name, and that may get costly – particularly if you don’t qualify for the same low-interest rates you had.
  • Home goods: You will probably have to split your household items with your spouse, and that may mean buying everything from new sheets and towels to a couch and bed.

If you’re seeking a divorce in Texas City, Sugar Land or the surrounding area, understanding what moves to make, how to best minimize expenses and what it takes to protect your financial future can be difficult, so don’t hesitate to find the right legal guidance for your needs.

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