People interested in hiring a Pasadena divorce lawyer are often concerned about how much their divorce will cost. If you and your spouse have trouble agreeing on a settlement, it's true that you can accumulate thousands of dollars of legal fees. But the cost of divorce includes more than just this obvious expense. For example:
- With a single parent household, you will likely need to spend more money on childcare because there isn't another parent around to pick up the slack. Friends and family might be able to help somewhat, but you'll still probably have extra expenses after your divorce.
- Depending on your income, your taxes might increase once you go from married, filing jointly, to becoming a single taxpayer. If you have children, your taxes will increase if you're no longer allowed to claim them as a deduction.
- If you no longer have a spouse who will care for you in your old age, it's important to think about purchasing long-term care insurance. If your spouse previously provided your health insurance, you'll need to pay for your own individual policy. Both of these expenses can add to your monthly budget.
This doesn't mean that you should stay in an unhappy marriage simply because of financial concerns. However, it's important to be aware of the potential financial pitfalls of divorce so you can take the steps necessary to make sure your post-divorce life begins on financially stable ground.
Seeing a financial planner with experience in helping clients build a post-divorce budget may be a good idea, especially if your spouse handled the family finances while you were married.
How Can We Help?
Please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com if you are in need of legal representation for your Pasadena divorce. Our team of skilled divorce attorneys can help ensure a fair division of marital assets and help you obtain alimony if you will need this support to get your finances back on track.