Divorce Is Expensive, but the Cost Does Not End There

 Posted on November 05, 2020 in Family Law

Everyone knows that divorce is expensive. However, even after you have gone through the process and paid attorneys’ fees, court fees, and more, you will still have additional costs related to the end of your marriage. If you are going through a divorce, it is essential that you understand what these costs are, so you can prepare for them and prevent yourself from falling into financial difficulty. You may find that there are many hidden costs of divorce, but the five most common are found below.

Moving Expenses

After a divorce, one or both spouses will move out of the home and if you are planning to relocate, you must be prepared for those costs. You may have another down payment on a home, rent, and security deposits you must pay. Although these are the obvious costs of moving, there are others, as well.

Prepare to pay for movers, new furnishings for your new home, deposits for utilities, and even groceries to fill your new cupboards once you move in. All of these costs quickly add up, so it is important to itemize what you will need so you will understand just how much the move will cost you.

Health Insurance

If you enjoyed the health insurance benefits your spouse’s employer supplied, you will have to get a new policy after the divorce, and it can be expensive. Additionally, if you are removing your spouse from your health insurance coverage, it will also affect the amount you will contribute to the plan, and you may find it costs more or even less, depending on the plan that will now provide the coverage you need.

Separate Plans and Policies

The chances are good that while you were married, you and your spouse were both named on certain plans and policies, such as your cell phone plan. Many providers offer discounts when two or more people are on the same plan and after divorce, you will no longer enjoy those savings. Research how much a separate plan or policy will cost you for any plan that you and your spouse once shared.

Refinancing Loans

Just as you and your spouse may have shared a policy or plan, you may have also both been named on a loan. Once the divorce is final, you will need to refinance those loans if you are awarded the assets during the property division process. For example, if you are keeping the family home, you will need to refinance the mortgage, and that can be very costly.

Counseling

Divorce is a very difficult and emotional process and you may find that you need extra support. Many people start therapy or counseling during the divorce process and continue on with it afterward. Although this is a great help that can help you sort out your feelings and prepare to move forward in your life, it is costly and so, you should prepare for this when creating your post-divorce budget.

Our Illinois Family Lawyers Can Advise on Your Case

Although a dedicated Hinsdale family lawyer will advise on the legal aspects of your case, they can also provide sound advice on the other elements of divorce, as well. If you are getting a divorce, our experienced attorneys at the Law Office of Martoccio & Martoccio are here to help. Call us today at 630-920-8855 or contact us online for a free initial consultation and to learn how we can help with all areas of your case.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59SeqStart=6000000&SeqEnd=830