The Six Hidden Costs of Divorce

IL divorce lawyerDivorce 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.

Moving Costs

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.

Furnishings

Not only may you have to move once your divorce is final, but you may also have to purchase a whole new set of furnishings for it. Consider what furniture you may get in the divorce, and then plan on purchasing any furniture you may need once you move into your new home.

Health Insurance Coverage

You may already have health insurance coverage, but this may be an added expense if you only have health insurance coverage through your spouse’s employment benefits. That coverage will surely change after the divorce, so look into any coverage your employer may provide, or research how much it will cost to insure yourself.

Separating Plans and Loans

Aside from health coverage, you may be on a combined plan with your spouse for something else, such as your phone. If you are on a plan with your spouse, that will also likely change so you should research how much a new plan will cost you. In addition to your cell phone, also consider what other plans and loans name both you and your spouse, such as a car loan.

Counseling

It is true that divorce is an emotional process for anyone going through it and for some, counseling can be a great help. Talking to someone about what you are going through and allowing them to help you get through it can greatly help you through the process.

Our Illinois Divorce Lawyers can Advise on Your Case

Divorce is a legal process, but there is so much more to it than the legalities. If you are getting a divorce, our skilled Hinsdale family lawyers can help. We will advise on all aspects of your case, including what you may face afterward, so you are fully prepared to move on with your new life once the divorce is finalized. Call us today at 630-920-8855 or contact us online to schedule a free consultation.

 

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050K505.htm

 

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