Divorce and its Financial Impact on Families

Like all things of value, divorce costs money and usually a lot of it (notice I said "things", so I exclude happiness, love, etc). People like having to absorb the cost of divorce about as much as they like the cost of putting braces on a kid's teeth, going to the emergency room or taking the car into the shop for repairs. But like all of those things, for many people divorce becomes a necessity; for others it is a luxury; either way it is important to know what you may be facing financially if you are considering or confronting divorce. The cost of divorce comes in many forms and here is an honest look at some of the places that it can come from: 

  • Legal Expenses
  • Insurance
  • Child Support & Expenses
  • Child Care
  • Housing 
  • Taxes
  • Retirement
  • Property Settlements
  • Maintenance (formerly "alimony") or Spousal Support
  • Furniture Replacement

Yes, divorce is not going to be cheap but the financial impact is something that people do recover from and you will too (much as people eventually recover from the money spent on big weddings, college, nice vacations, etc...).  If possible, it can be planned and saved for. But sometimes, it is not always a choice, as happens when your spouse files for divorce first. Either way, as you get through this, this may be a good time to be frugal, minimizing un-necessary expenses until it is over and the dust has settled.  And when it is all over, you can look ahead to planning your financial future in the best way possible, with your head held high and with a renewed sense of independence. 

If you are considering divorce in Illinios, start right here without spending a cent- claim your free book on the legal aspects of divorce- "Defending the Ending".