If you are going through a divorce, you have probably already learned that it is expensive. There are so many different costs associated with divorce, and many people feel as though they can't afford to divorce as they would like because of the money. If you can prepare yourself ahead of time for the divorce and its costs, then you are more likely to have flexibility with the process because you are not restrained by money. Here are some of the costs you should prepare for.
1. Legal Fees
One of the first things you need to be ready for are the legal fees. There are so many different fees that you will need to pay. First, you have filing fees to actually file for divorce, and then you have the fees you need to pay the family law attorney. Then, if you choose to go through mediation, which is the preferred and cheapest option, you will need to pay for the mediator as well. Usually, you will need to put down a couple thousand dollars in a legal retainer before you can even start the process of the divorce. Then as the retainer is used up, you will have to put in more money. This is why it is so important to resolve things as quickly as you can. Couples who can't agree on anything will not only prolong the divorce, but they will also spend a lot more money in legal fees because they can't resolve it.
Many couples have debts. They probably have a house, cars, student loans, consumer debts, and so forth. This is why you need to make sure that you are doing everything you can to pay off your debts before you get divorced. Otherwise, those debts will have to be split between the two of you, just like everything else in the estate. This means that you could get stuck with payments to handle on your own with the limited income you have after the divorce.
3. Living Expenses
Lastly, you will be responsible for your own living expenses after the divorce and during the separation. If you don't have a personal bank account, or a personal savings account, you could be in trouble. Your spouse could make it very hard for you to access your money. So you should start saving early on.
By knowing these things you can prepare yourself financially for your divorce.