Financial Expenses You May Not Have Considered

While many people who file for divorce know there are attorney fees, legal fees, and court costs involved, they may not anticipate several other expenses associated with divorce.  If you have decided to file for divorce, it is important to be financially prepared for the following:

• Health Insurance:  If you were on your spouse’s health insurance plan, you will no longer be able to remain on the policy once your divorce is finalized.  You can continue to get coverage through the government-run COBRA program, but you will be responsible for paying the premium.  You also have the option of getting a completely new insurance policy in your own name.
• Mental Health Expenses:  Divorce is an emotionally difficult experience for many people.  It’s not uncommon for people to seek therapy or other forms of help both during and after a divorce. While some insurance policies cover mental health treatment, not all do. In those cases, the person will have to pay for therapy or counseling out of pocket.
• Taxes:  There are real estate taxes that may affect you after a divorce.  Furthermore, changing your status on your tax return can also affect how much money you receive/owe during tax season.  This especially holds true if you used to claim children or real estate on your tax form, but now your spouse claims them.
• Real Estate:  When one spouse moves out of the family home there are expenses involved in renting or buying a new home, buying new furniture, establishing utility bills, paying for movers, etc.  Similarly, the spouse that remains in the family home now has to cover the cost of all of the expenses for that home as well.  Even if you and your spouse decide to sell your family home, you may have to shell out some money to spruce up the house. You’ll also have to pay a real estate agent to list the house. 
• Children & Teenagers:  The cost of caring for children gets more expensive as they get older.  When children become teenagers they need new school clothes, books for school, computers, cell phones, expenses for extra curricular activities, and more.
• Extra Help:  It's sometimes difficult for a single parent to manage a household on their own.  It may be necessary to hire a babysitter, house cleaner, gardener, handy man, etc. All of this extra help requires money.
• Future Legal Costs:  Sometimes it's necessary to go back to court after a divorce has been finalized.  Maybe you need to modify a court order.  Maybe you need to enforce a court order.  Regardless of what type of legal action you take, you can trust it will cost you money, so it’s best to be prepared for this.

A Los Angeles divorce attorney at the Law Office of Teresa Beyers can provide you with experienced representation throughout the divorce process, and can give you advice on how you can be financially prepared for unexpected expenses such as the ones listed above.

If you are interested in scheduling a free consultation, please contact the Law Office of Teresa Beyers today by calling (213) 236-4400!