Divorce is expensive. Most people entering the process understand that. However, although many people associate the cost of divorce with attorney fees, spousal maintenance, and child support, there are other costs of divorce, as well. These are often the somewhat hidden costs that people do not realize they will have to face until they have already gone through the process. Below are the six biggest hidden costs that you should prepare for if you are about to get a divorce.
Both spouses do not remain in the home after a divorce and few, if any, people even want to. As such, you must consider the cost of a new home, including the expense of moving your belongings from one place to another. Moving can cost a lot, so it is important to research what rental properties cost in the area you want to move to, or the local housing market, if you want to purchase another property.
A New Home Loan
If you are remaining in the marital home but both you and your spouse are named on the mortgage, you will have to take out a new mortgage. It is important to consider how much your new mortgage payment will cost and if you can handle the other costs of homeownership, such as paying property taxes and upkeep....