Guest Author - Sadiyya Patel
In this lesson we will take a look at the financial implications of divorce. Divorce is a costly business. Right now, you may not have seriously considered the economic implications of a divorce. You may be shocked to find out that you literally can't afford to get a divorce.
From a cost perspective, divorce can be economically
damaging not only for the state but also for couples.
Consider these figures:
$ US divorces cost the country $33 billion annually or $312.00 per household;
$ The average divorce in America costs state and federal governments $30,000 in direct and indirect costs. Direct costs to the state include child support enforcement, Medicaid payments, temporary assistance to needy families fund (TANF), food stamps and public housing assistance.
$ To the couple, divorce costs about $18,000 and this would include lost work productivity, relocation costs and legal fees that vary immensely, depending on the nature of the divorce and the situation of the couple.
RECOMMENDED ADDITIONAL READING:
For more detailed information on the financial implications of divorce, I recommend reading the following book:
Assignment for this lesson:
Sit down and figure out what itīs going to cost you financially to divorce.
1. Will you be able to afford regular child support payments?
2. What assets will you be left with once the lawyers are done?
1. Will you be able to support your children on your income alone?
2. Can you rely on your ex for regular child support payments?
3. What assets will you be left with?
4. If your husband was the sole wage earner, how are you going to support yourself (and your children if you have any)? Do you have any marketable skills?