Most marital fights involve money. It only makes sense that money is also a huge issue in divorce. Divorce cases involve issues of alimony and child support, as well as asset and property distribution. But those issues arise only after a case is filed. Filing your case is the first step towards resolution of your important financial issues. But for some people, taking that first step is put off for the same reason: money.
New stories highlight the cost of divorce and studies show close to 60% of couples put off divorce due to the cost. But consider the costs associated with not divorcing when it’s what best for your family:
● Maintaining separate finances: if a couple decides the cost of divorce is too high and opts to stay together, but maintain separate accounts the financial impact can be just as damaging. Fees associated with checking, savings, IRA and investment accounts add up quickly. Having duplicate accounts can, over the long run, result in increased expenses that outweigh the cost of filing divorce.
● The cost of separate households: in those cases where the couple separates without formally divorcing, the cost of separate households is significant. Making multiple mortgage payments and keeping up with the expenses associated with ownership of more than one residence is far costlier than filing divorce and reaching a final resolution of all issues.
● Impact on children: while this is not necessarily a pure financial cost, staying together for the kids can result in more emotional harm than good. When a relationship ends and the parties stay together and simply act as roommates, the emotional impact on others in the house is important. While the initial effect of their parents divorcing may be difficult, the best mental health approach is to protect your kids by engaging in amicable dissolution of your marriage.
Avoiding divorce for financial reasons only results in more complicated money matters in the long term. With the right team of legal and financial professionals on your side, you can reach results that work for your family. Our office is sensitive to your financial needs and works to put you on solid financial footing during and after your case.
For more information about divorce, contact a Stuart and Treasure Coast family law attorney with experience. The fee for your fist visit is a flat fee and we work with you for a cost effective result. We understand you have a budget and work with you to reach workable solutions.