What Is The Financial Impact Of Divorce To The Average American Household?

Divorce can be an emotionally devastating time for spouses and their children

. These elements can often make their way over to the financial side and create significant impacts in the finances that a couple has worked so hard to accumulate over time. Retirement benefits, property ownership, alimony, and child support, are all concerns that one may have when considering divorce. Legally, there are costs as well that can eat in to the plaintiff's and defendant's bottom line. Understanding the financial impact of divorce on the average American household is vital before the proceedings begin.

One word of wisdom when seeking out a divorce. Don't assume that the cheaper route (legally) is always the best one. You want to be protected throughout the process, and you want to make sure that when you walk away from the marriage, the assets that you are left with are protected. Of course, the best way to do this is to keep things amicable, but divorce is often a bitter pill to swallow, especially if there has been some kind of betrayal undertaken. Sometimes there may be no better way around it than to pay more for significant legal protection and division of assets.

If one chooses to go the do-it-yourself route, a divorce can be taken care of for around $600. That's a best case scenario wherein the spouses agree to an even split and there are no conflicts or significant assets to divide. Unfortunately, divorce often gets more complicated than that, and in America, the average cost is significantly more. Just how much more? Some reports have dictated that the average cost of divorce on the average American household is around $15,000. When two people submit to divorce, there are a number of tricky questions that need to be answered with legal help, and the longer that two people have been married and the more they accumulate, the messier the divorce could be.

While it can be a chore to balance all this with the emotional toll that divorce takes on a person, it is necessary because getting a "raw deal" in the divorce can have significant financial impact on a spouse down the road. And when the books are closed on the matter, they're closed for good. Therefore, it is important for a person to pause, reflect, and take a step away from the messy emotional feelings that often accompany divorce. It's okay to grieve, but for a little while, you should examine it as a business transaction and fight for whatever you can get out of the relationship. After all, you've invested a significant portion of your emotions and who you are. You may not feel like it now, but those will be worth something to you later.

by: Gen Wright

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