It seems every time we turn around, someone we know is going through a separation or divorce. With the cost of living on the rise, divorce has major effects on both parties. There are always going to be two different points of view on this topic. With divorce comes major financial adjustment for everyone involved.
Majority of the time, men get stuck with the “tab”, if you will. Lawyer fees, child support, alimony, the list goes on. I have personally watched a few of my male friends go through this and seen them absolutely crushed monetarily. Although this was hard for many of them, they were able to bounce back afterward by being smart with their money.
Many of them had to get a second job to keep up with the new expenses. Some of them even put funds into an investment annuity while others had to find a buyer for their investment annuity while taking a haircut doing so. With the split of many couples, comes the split of personal property. You could always make money by selling some of these items. Would you really want to keep your ex’s items anyway?
Nah. Sell it! Brianna Smith from CA Gems says that 75% of her business is derived from recent divorces that need to raise money by selling their wedding ring to help pay for basic living expenses. Many women think other women have it quite easy after a divorce but most don’t have it quite as easily as some may assume. By receiving child support, it is thought that these mothers can survive off of this income alone. Not so fast. Child support is only a portion of the other party’s income, which is clearly not enough to cover all expenses. While child support is of great assistance, it is in no way enough to live a comfortable lifestyle. Many of these moms have to pick up jobs (after being stay-at-home moms). I have seen cases where a single mom opens a day care out of her own home in order to create income. This is incredibly smart due to the rise in child care needs and costs.
I have also seen moms turn to making crafts and selling them at local craft fairs. Regardless of who receives what from the divorce, both sides will need to make major changes regarding their income and expenses. With perseverance, patience, and hard work, you can make it back to the place you want to be financially.
Divorce is the antithesis of the Enemy of Debt. It is almost always a painstakingly expensive experience but it doesn’t have to be. If you do all of the proper research online you can find low cost attorneys and speak with your ex-lover to amicably divide up the assets and end up just paying court filing fees and escape the whole ordeal for less than $1500 in legal fees all said and done.
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photo by Daquella manera
I’m going through this currently, and I’m the wife who is essentially “stuck with the tab.” Even though I’m filing everything myself, I’m expecting it to cost closer to $2,000 with filing fees, trips to the registry, paying someone to notarize documents, etc. And that’s without any shared property or children in the mix.
It would seem even in the best of circumstances, divorce is a pricey undertaking.
I paid right around 2k for my divorce. My ex-h and I worked out our own property settlement and agreed to legal 50/50 custody. The importance of that particular custody is the court does not stipulate anything, it was up to us to arrange our own schedules, who gets Christmas this year, etc.
We did not have attorneys at all. We hired a paralegal service to file the paperwork. The QDRO cost 1k to file all on its own.
People should keep in mind that no one is going to get exactly what they want; both parties will have to compromise. Hiring attorneys ultimately means that both parties will end up with less. The same pie must now cover attorney fees before it is split, so both parties end up with a smaller piece.