Cost To Maintain Pre Divorce Lifestyle After Divorce Higher
Today, we’re going to talk about some of the financial concerns or some things you should be considering or looking forward at a Post Divorce or if you’re going to go through a Divorce things that are probably going to come up relatively soon.
When we file Divorce cases for folks, one of the main concerns of course is financial. The distribution of property and assets and debts is a huge portion of your Divorce.
And if you don’t have children in fact that’s probably everything, dividing up your assets and debts and pensions, income, spousal support, that’s a big thing when going through a Divorce.
It’s the big part of Divorce, so much so, that in the paperwork process of going through a Divorce in California, the biggest part the biggest challenge or the biggest part of the paperwork I should say is financial disclosure.
Listing out assets and debts and how much you make and how much you’ve saved. How much the house is worth? And all of your property is huge.
So outside of that the other things are going to be children. But a big thing, big part of Divorce is about money and finances.
So what I wanted to talk about today is I always tell my clients when they come in, ‘Your money is not going to go as far after you get Divorce. It’s going to be at least or nearly twice as expensive to operate two separate households.’
So if you are a married couple living together both spouses working and both incomes for a single household, a single rent or mortgage payment, a single power bill, a single water bill, and so on and so forth, that money now divided operating under two households, you’re never—I shouldn’t say never, but it is a great chance that you are not going to live at the same financial ability or the same–what I want to say, you’re not going to be able to live the same comfortable life you did when you are married.
Your money is not–you’re going to have less money. And you’re going to have more bills.
I was reading an article here that says basically that filing a Divorce the cost is usually 25-50% more to maintain your Pre-Divorce lifestyle.
A single household becomes twice as expensive as each spouse looses the benefit of the other spouse’s income.
So that’s exactly what we’re saying here. You’re going to have less money, more bills because you’re now having your own household, your own household bills.
Each of you, you’re going to have your rent or mortgage, your power bills and so on.
And so the money is not going to go as far, even if there is spousal support being paid, even if there is a child support being paid, regardless if you’re receiving the spousal support or child support or paying that, you’re still going to have lesser income and more bills.
And therefore the 25-50% more cost to operate your lifestyle. So I know that that’s a concern of clients of mine.
In fact many of our clients maintain a single household until the Divorce is finalized purely for financial –I shouldn’t say gain but to kind of put off the lost they’re going to have when they have to maintain two households.
It’s never a better scenario. Okay, I mean if the Divorce might be a good scenario for you. But the housing situation and financially unless you guys are well off it’s going to be a lesser livelihood.
You’re not going to live as well. You’re going to have more debts and less income to pay those debts.
So you’re not going to have the same lifestyle. That’s the word I was looking for.
You’re not going to have the same lifestyle you did prior to the Divorce happening. So let’s keep those things in mind.
This was a good article. These things that we’re trying to talk about more than just here’s how you get Divorce and what we can do for you to help you through your Divorce in California.
But just some things you want to consider before going through a Divorce or if you’re in the middle of Divorce just keep in mind the financial lifestyle you live afterwards, unless you’re wealthy, of course, it’s not going to be the same or even if you are wealthy, it’s not just going to be same when you’re supporting two households.
Tim Blankenship Divorce661.com, we’re also on Divorce Master Radio on our podcast where you can get these on demand radio shows as well as on our YouTube channel.
I appreciate you tuning in and watching and we’ll talk to you soon.