Divorce is a time-consuming and financially draining process, and many factors go into getting a divorce. Key negotiations in a divorce include financial assets, real estate, debt, tax implications, child/spousal support, and individual properties. Financial assets include bank accounts, stocks and bonds, mutual funds, life insurance, retirement plans, stock options, and pensions. The average cost of a wedding in the US in 2021 was $28,000, and the average cost of divorce is $15,000 per person and can increase to $100,000 for a more complicated situation like a child custody dispute. Almost half of all marriages in the US end in divorce, and many people experience financial trouble during and after the divorce process. For example, a study of economic data from 2004-2014 found that women over 50 who divorced faced a 45% drop in their standard of living, while a man’s standard of living only dropped by 21%. During the divorce process, it is vital for both parties to gather documentation of all living expenses and tax documents to make it a little bit easier when splitting all costs. Finances are never easy, and when getting a divorce, it makes all of those costs and living expenses harder. With the proper documentation and a good, honest, and experienced attorney, it will make getting divorced just a tiny bit simpler.
