Although no one gets married in the Tampa Bay, Florida, area with the objective of getting divorced, it does happen. Divorce can ruin you financially if you’re unprepared, so consider the following nine ways divorce can adversely impact your finances:
- Decreased income
- Increased housing costs
- Increased health insurance
- Child care costs
- Child support
- Spousal support
- Legal fees
- Retirement savings
- Paying part of spouse’s debt
When you’re aware of potential pitfalls, it’s easier to be proactive and prevent their occurrence.
Lifestyle adjustments
When your lifestyle has been predicated on two incomes, adjusting to living solely on one income can be difficult. Housing costs will double, and health insurance may be more expensive when carrying two policies rather than one.
Likewise, childcare costs, currently estimated at about $8,000 annually, can strain a smaller budget, and automobile insurance is more expensive at the single rate than at the married rate. If you and your spouse were planning on a joint retirement, you may have to split your retirement assets.
Is it worth it to get divorced?
Sometimes, couples decide they can’t salvage their marriage, and divorce is the only answer. Planning ahead can positively impact your financial status, and it’s vital to obtain the services of a qualified professional to help you through this difficult time.
Don’t be afraid to ask for help.
You may feel alone in the battle when you’re going through a divorce. However, don’t hesitate to ask friends or family for help or join an online support group. If your marriage isn’t working any longer, you don’t have to go through your divorce alone. Life may be difficult for a time, but it will help you establish a new life that will work better for you.