Deciding to not divorce for financial reasons

On Behalf of | Jan 16, 2019 | Divorce

About half of all first marriages end in divorce, and the odds only get worse the more times someone gets married. For divorcing couples in Virginia, financial times can often get rough after separation. That’s why it’s a good idea for each party to carefully consider the financial implications of divorce before proceeding with the legal process. Sometimes, couples counseling and therapy can resolve issues and help maintain a relationship.

The primary cost to think about when deciding to get a divorce is the cost of living. Maintaining two homes separately is almost always going to cost more than staying together. Even if one person stays in a house the couple bought while married, they will likely have to do so with less income. Selling the home also comes with expenses and hassles of its own, especially if the market isn’t good.

Other costs to consider during divorce are professional fees. There’s not only lawyers but also real estate agents, financial planners and other experts who can provide advice. The longer a divorce drags on due to disagreements, the larger these costs can get. Unfortunately, many individuals going through divorce try to save money on legal costs by representing themselves in negotiations or even in front of a judge. This can end up being much more expensive in the long run when mistakes start to bear fruit.

Each party in a divorce has the right to seek legal representation from an attorney in order to protect their financial interests. Arrangements for the division of assets can often be made through amicable negotiations, but sometimes going to court may be necessary if disagreements can’t be resolved. It’s the responsibility of the attorney to be a client’s advocate every step of the way.



FindLaw Network