You know you want a divorce, and you know you do not want to go broke dissolving your marriage. To create a tight budget, it helps to know divorce expenses spouses often forget about.
GOBankingRates breaks down the unconsidered, forgotten costs of ending a marriage. Add these items to your list to better avoid surprise expenses while starting your post-divorce life.
Other than a legal representative, you may rely on other professionals’ expertise for your divorce. For example, you may need to work with business valuation professionals, mental health experts and forensic accountants. Decide which professional you need and how much you should expect to pay for their expertise.
If you do not plan to fight for the marital home in your divorce, you must account for the cost of a new place to live. Depending on your current financial health and your financial resources after dissolving your marriage, you may want to buy a brand-new home or rent. Aside from rent or your mortgage, do not forget to budget for movers, packing supplies, a moving truck and similar expenses.
You may need to liquidate some of your assets as part of your divorce settlement, and doing so could mean incurring tax consequences. Consider meeting with an accountant familiar with helping divorced taxpayers learn how divorce affects taxes. Depending on how you and your current spouse divide and value assets, the two of you may share the tax burden.
Getting proactive about budgeting for a divorce helps you start the next chapter of life on the right financial foot.