The Importance of Estimating Expenses Prior to Divorce
When a couple lives together and shares income and bills, it is often a startling surprise to both parties when it comes time to divide and share marital expenses during the separation and dissolution. There are also other expenses of divorce that few couples think to consider before beginning the proceedings. By staying on top of expenses and preparing for the upcoming financial impact of marital break-up, you can help alleviate at least some of the stress and tension of this otherwise emotional period in your life. For more information about estimating the expenses associated with divorce, be sure to contact a divorce lawyer in Bryan today.
Most Common Divorce-Related Expenses
Probably the easiest expenses to calculate are those predictable household bills and costs shared during the marriage. Your divorce lawyer will help you list these liabilities, and they include the house and car payments, revolving debts, utilities and other bills common to the marital home. You and your spouse must come to an agreement as to how these bills will be paid during the separation period and immediately following the divorce as failure to arrange for payment could result in default, repossession or foreclosure.
Costs directly related to your divorce can leave a deep hole in your pocket. If you are planning to sell the marital home and split the proceeds, you will also need to split the cost of an appraisal. Of course, both parties will be responsible for legal fees and both must consider and negotiate post-divorce expenses like child support and alimony.