Divorce is not a conclusion that anyone enters a marriage intending to achieve. It is always an unfortunate result, even if it becomes a necessary one for whatever reason brought you to it. The emotional impacts of such a decision are well-understood, and still present at the end of a difficult and fractious marriage – but it’s the financial costs that can bring the heaviest burden.
Everyone knows that divorce can be a costly process. Not everyone knows, however, just how costly a divorce can be. These costs are not limited to any one source, either; here, let’s look at some of the key areas that can cost in a divorce, to help you prepare more effectively for the undertaking to come.
1. Property, Housing And Lifestyle Changes
The first cost we’ll encounter is the most obvious, being that of your shared assets. In divorcing, you’ll need to divide your shared assets proportionally between you, in a manner that is the most mutually beneficial – with the recognition that both of you will be making some significant compromises and concessions in the process. Of these compromises, it is your shared home that represents the biggest difficulty, both emotionally and on a cost basis.
Wisely, of the first calls many in this situation make is to their divorce solicitors, in order to understand the specific implications of managing shared property. Each scenario is individual and tied directly to your financial situation, but there are only a few possible outcomes: you stay in the shared home and buy your ex-spouse out of their share; your spouse stays and buys you out; or you both sell and split the proceeds.
Whichever route you take, extra costs will surface – whether from legal fees in buying your spouse’s share, or from securing new accommodation. These costs, coupled with the loss of your partner’s income as part of a household, have knock-on effects for your quality of living.
2. Hidden Legal Costs
The other main cost you face when divorcing a spouse is, of course, the cost of legal representation. There are handy resources that give you an insight into the cost of hiring legal representation, but these are easily-budgeted – and not the hidden costs about which you should be concerned.
For instance, legal costs expand to the sale of a home, where conveyancing fees slide in alongside divorce lawyer representation. There’s also the risk of future civil litigation, if an ex-spouse decides finances haven’t been properly settled. For example, courts may deduct notional selling costs from a property’s equity, even if the home isn’t sold.
3. Emotional, Time And Career Impacts
Finally, there’s the costs associated with the ‘other stuff’. If you have to move house, you may need to relocate entirely – with knock-on impacts for your career. Time out to view homes or manage your divorce’s workload could mean days, and wages, lost. Divorce is an emotional process, too – emotions which can impact your career and potentially cost you progression.
https://www.hja.net/legal-services/family-law/divorce-and-separation/
divorce solicitors - longtail
763707 - Rachel Baines - Hodge Jones & Allen LLP - tbc.com