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Emotional & Financial Cost of Divorce

hands holding credit cardsFor many couples, the cost of divorce can come in many forms. Its effects can have a negative impact on both the parents and the children in the family, and its financial effects are far reaching for each adult as they try and divide property and finances. Often people are not prepared for divorce, and this is why the effects can be so devastating when it happens.

Even if a divorce has been coming for a long time, there’s really no way to emotionally prepare for it. When the final decision is made to split, you may be feeling many different emotions: anger, sadness, a sense of failure, and you may even grieve over the time you won’t spend together in the future. All of these feelings can cost you lost sleep and energy, leaving you drained and exhausted. Seek out those who support you and avoid those who are simply looking for gossip. Many cities and towns offer low-cost or free support groups for those who are dealing with a divorce. These groups and resources can be found online or via your local community centers.

The financial effects of a divorce can be devastating for both spouses. In order to protect yourself, you should contact a lawyer who is knowledgeable, and can give you estimates on the financial toll of the divorce and they can advise you about your options. There are a number of things that you will have to consider when you’re dealing with the finances of a divorce, such as how much the lawyer will cost, how you will remove yourself from joint bank accounts, and how to adjust your living expenses, especially if you will be supporting the children.

Although the cost of divorce can be high, try to stay positive and carefully budget what money you have and be honest with your lawyer about what and how you can afford to pay. Throughout the divorce and once it is over, you can make adjustments as needed and assessments of where you are financially.

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