Financial Issues Of Divorce

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 and child/spousal support and individual properties. Financial assets include bank accounts, stocks and bonds, mutual funds, life insurance, retirement plans, stock options, 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 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.