Many people complain about not being able to afford their lifestyle after a divorce, and they find it rather perplexing. If they got a fair division of assets with their ex, why does it suddenly seem like life is more expensive?
For one thing, many of your bills remain the same amount, but you no longer split them because you're living in separate homes.
For instance, perhaps you and your spouse lived together in a home with a $2,000 monthly mortgage payment while you were married. After the divorce, even if you find a home that costs exactly the same amount, you and your ex are paying a net of $4,000 for those homes. Your other option, of course, is to find housing for $1,000, but that may prove difficult or even impossible. Other bills that double include:
- Trash services
- Home insurance
- Renters' insurance
If you and your spouse shared a car before the divorce, you may also have to cover car payments and car insurance on your own, not to mention the cost of gasoline.
For those with significant wealth, this "doubling" of the bills may not be all that detrimental. The truth, though, is that many married couples have expenses that are fairly close to their monthly income. If you have more expenses and you now have to rely on just your income, you can understand why things suddenly feel far more difficult financially.
This is why the financial side of a divorce is so important. Make sure you know your rights and what steps you can take to get a divorce agreement that won't leave you in a difficult situation. An experienced attorney can help you.