3 Unexpected Ways That Divorce Wrecks Your Finances

Recently divorced people in every income bracket feel the financial stress of divorce.  It isn’t just about your ex taking half of the marital property, or whatever share of the marital property you or the court decides is fair; divorce is rough on your finances even if you and your spouse kept your finances mostly separate during your marriage.  The first years after divorce are when people are most likely to file for bankruptcy, even if they are not paying child support for their minor children.  Now that you are divorced, you are probably relieved that you no longer have to deal with all the little things that used to bug you about your ex, especially your ex’s financial habits.  You can splurge or pinch pennies to your heart’s content without having to listen to your ex’s snarky comments about it.  For help strategizing about how you will manage your finances after your divorce becomes final, contact a Boca Raton divorce lawyer.

You Are the Only Gainfully Employed Person in Your Household

It might have been a constant source of stress that your ex did zero chores while you were at work, even though you constantly did housework whenever your ex was at work and you were home, but even if that was the case, at least your ex contributed to the household income.  Now it is you paying the mortgage on the marital home all by yourself, with a costly refinance to boot.  Not only that, but you are also paying for all the utilities and all the groceries.  The court calculated your ex’s child support payment based on a statewide formula, and your ex consistently pays court-ordered child support, but it still feels like you are paying for everything on your own.

You No Longer Have Access to Your Spouse’s Insurance Benefits or Tax Perks

Employer-provided health insurance is hard to find, but if only one spouse has health insurance benefits through work, the whole family can get coverage.  After divorce, your kids can stay on your ex’s health insurance, but you can’t.  Divorce may make your tax burden higher or lower.  At worse, you get a heavy tax burden while your ex claims the children as dependents and claims many more tax-deductible expenses than you do.

No Accountability for Impulse Purchases

Couples splurge together and cope with debts together, which usually leads to more thoughtful splurges.  When you are divorced, you can order Door Dash seven nights in a row, and your ex is not there to say a single word about it.  This might be less stressful in the moment, but when your bank account balances dips to the double digits weeks before payday, you are the one who will have to pay off the buy now pay later (BNPL) bills from your grocery purchases, and your ex will not be there to help with them.

Contact Schwartz | White About Finding Your Financial Footing After Divorce

A South Florida family law attorney can help you take a realistic view of how your finances will be after divorce.  Contact Schwartz | White in Boca Raton, Florida about your case.

Source:

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