For most couples, the decision to divorce is a huge one. It’s not easy to decide that divorce is the right answer. While many couples attempt to work through their problems and differences, including attending marriage counseling sessions or even a couple’s retreat, it’s important to realize that sometimes couples truly do have irreconcilable differences. For these couples, divorce may be the most reasonable solution to their problems. While the impact of divorce on a couple’s life can vary, it’s important to realize one of the most notable ways divorce can affect someone’s future: financially.

Asset Division

When it’s time to file for divorce, a couple should consider how they want to divide their assets. Note that assets include more than just who gets the house. Couples will need to have an honest discussion on whether one person wants to keep the family home or whether the property should be sold. They will also need to decide who gets each possession within the home itself. Asset division may seem straightforward; however, it can actually be quite tricky, especially if couples aim to divide things evenly. One party may find they need to buy new furniture because the current possessions go to their spouse. Others may discover that they need to re-purchase their favorite films or paintings.

Retirement

One of the most important things to remember is that when a couple separates, one party may be entitled to the retirement benefits of the other. If you receive retirement benefits and have been married a specific number of years, your spouse may be eligible to receive a portion of your retirement income or benefits. It’s important to talk with an attorney about this since the financial impact of sharing your retirement funds can be quite brutal. If you haven’t planned for this, the realization that you will no longer be eligible for your full benefits can be devastating.

Cost of Living

Parties who plan to divorce need to realize that their cost of living will change. They will no longer be sharing their mortgage payment, electrical bills, or Internet fees. Instead, they’ll be solely responsible for these expenses, which means their cost of living will increase. Adults may also need to pay for a down payment on a new home or a deposit on a rental unit. These expenses should be calculated and planned for prior to the divorce.

Attorney and Courtroom Fees

Most people who divorce realize that they will need to pay attorney or courtroom fees when they separate from their partner. These costs will vary depending on how long the divorce takes, whether the spouse is on board with the idea of separation, and whether their are children involved. Never skimp when it comes to finding an incredible attorney, as the right lawyer can make a huge difference when it comes to the cost of the divorce.

When a couple is ready to separate, they shouldn’t wait. They should seek immediate legal assistance from an attorney they trust so they can minimize the financial impact of their divorce.

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