Rebuilding After Divorce: Expected and Unexpected Costs |
Posted: March 22, 2017 |
Divorce isn’t just hard on your emotions and social life. There are financial costs that will put a strain on you. Some are expected, others are a bit more surprising. A national divorce site has provided some tips below. After separating from your partner make sure you take stock of what you have. Now that you are living on a single income you might find you need to cut off some subscription services. Or alternatively you may find you have improved cash flow if your partner was the one in the relationship who spent the most on luxury items. Take some time to process your new position before going on a shopping spree, there may be some replacement items you haven’t considered. HousingWill you be staying in the family home or finding somewhere new? If the separation is unexpected you will probably be moving into a rental property, so make sure you have the funds for the bond. Also think about your changed circumstances – do you need a new home that matches your old one with four bedrooms, two and a half bathrooms and a double garage? Or can you move into something smaller that suits you more? Don’t forget to make space for any children or pets you might have part-custody of. UtilitiesUpdate all your utility bills. If you are staying at your family home, remove your partners name ASAP. If you are moving on, make sure your name is no longer on the bills or you might be held accountable for them. Keep in mind that now that you are no longer sharing the bill, your usage costs might go down, but the supply stays the same. Expect to be paying more than you were when you were splitting the bill. Furniture and appliancesAfter years together it can be hard to remember who bought the couch, and who owns the microwave. Chances are that you’ve had shared finances for so long that everything is ‘ours’ and nothing is really ‘yours’. Stay calm while negotiating with your ex-partner, but be prepared to be replacing a lot of things. Even in an amicable 50/50 split, one of you will need to look for a new fridge, bed, washing machine, couch and TV. These things can add up really quickly. Replacing emotional itemsFinally once you have the essentials down, you will probably want to replace any items that have an emotional connection. Old valentines gift, his and hers cushions, photos and old jewellery may not be comfortable to have around. Rushing out to redecorate your house and buy a whole new wardrobe might make you feel better about starting a new life, but it’s going to be a giant financial burden that you might not be able to afford straight away. Divorce is often expensive and uncomfortable, but can open doors for new opportunities. By making sure you cover all bases and don’t rush through any decisions you can set yourself up comfortably for the newest chapter of your life.
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