When many divorce, they assume a majority of the expenses result from alimony, child support, and lawyer fees. However, this is not the case, as there are a number of costs those enduring a divorce may not be aware of, which can be an unpleasant surprise for those involved. Understanding the hidden divorce costs can help you better prepare for your separation. Keep reading to learn some of the most unexpected expenses and how a Hackensack, New Jersey divorce lawyer can help you navigate this process.
What Are the Most Common Hidden Divorce Costs?
One thing many do not take into consideration is the cost of moving after a divorce. As you and your spouse likely live in the same home or apartment, one party will move out. This can be expensive, as finding a new space to live in, buying new furniture, and paying for moving-related expenses can cost a significant amount of money.
Another cost many forget is that changing your accounts and joint plans can be pricey. For example, changing your insurance plan can be costly, as those claimed as dependants typically don’t have to pay health insurance from their costs. Similarly, there are many fees and additional costs associated with opening your own bank account, credit card, phone plan, or refinancing a car loan which can leave you financially stressed.
As divorce is a stressful and overwhelming time in a person’s life, you may be at a loss for how to handle your emotions. As a result, you may invest in counseling services like therapy. While your insurance may cover some of the costs, there will likely be out-of-pocket expenses you’ll need to pay. This can cause subsequent costs that you may not have anticipated beforehand.
Can an Attorney Help Me?
One of the most overlooked hidden costs in a divorce is hiring the wrong lawyer. Unfortunately, this can be one of the most expensive costs, as it can impact your long-term alimony payments and which assets you receive during the dissolution of your marriage.
Ensuring you take the time to choose a competent attorney familiar with and experienced in divorce proceedings is essential. In New Jersey, marital property is divided under equitable distribution laws. This means that your assets will be split fairly, as opposed to equally, based on the contribution of each spouse to the marriage. Ensuring you have the right attorney can help you receive the property you are entitled to.
At HD Family Law, we have the experience necessary to help represent you during your New Jersey divorce. This can be a complex process, and we will do everything possible to help protect your hard-earned assets so you can focus on spending time and money on starting a new chapter in your life. Contact us today to learn more about how we can help you.