Separation Woes: The Financial Effects of Divorce

The Vision

Financial Effects of DivorceWhile marriage is supposed to be a lifetime bond, most marriages end up in divorce. There are myriads of reasons behind this, chief among them being infidelity and family interference. A divorce is no walk in the park, with the emotional and financial side effects significant.

According to statistics, the cost of divorce in the United States now averages $20,000. The cost can go even higher when you do not have Nassau County divorce attorney such as The Law Offices of Ian S. Mednick, P.C. to guide you on how to mitigate them.

It is not a wonder to find the cost of divorce deterring some couples from divorcing. So what are some of the major expenses that you may incur?

Capital Gains

It is a common occurrence to find that when couples are divorcing the first thing that they do is to divide or claim assets. You may find the spouses running to drain bank accounts, selling bonds and other significant investments.

What the couples often do not understand is that in clearing up some of the assets, there would be dire consequences in tax bills.

Spousal support

This mainly affects the partner in the couple who is considered to be well-off financially. The goal of alimony is to help the spouse with lesser financial muscle maintain their current lifestyle. The amount varies from state to state and is dependent on factors such as the length of the marriage.

Legal Fees

An attorney who has your best interest at heart will advise you against battling out a divorce in court. This is because it would be more costly as compared to if the divorce was through mediation. You should know that the longer a case stays in court, the more the bills in terms of legal fees.

READ  Survey Says Paralegals Have Way Better Jobs than Lawyers

For some people, they would rather incur the cost of divorce rather than stay stuck to their partners for a lifetime. The thirst to achieve this goal should not, however, cloud your judgment when it comes to finances and letting yourself accept that you need out at whatever cost.