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Divorce costs you might not have thought about

On Behalf of | Sep 25, 2023 | Divorce |

Ending your marriage can be one of the most expensive things that you can do as an adult. Although Oklahoma law says that assets will be allocated in an equitable fashion, your net worth may be lower than it was prior to the divorce. In addition, there are a variety of expenses that you might forget or not even know to account for when splitting from your spouse.

You’ll need your own insurance

Typically, married individuals get medical, auto and other types of insurance through joint policies with their spouses. However, if you are single, you’ll need to get new policies in your own name, which may be more expensive as you may be entitled to a discount simply for being married. Health insurance can be especially expensive even if you are eligible for COBRA coverage.

You’ll need a new place to live

While you may be entitled to keep possession of the family home, you’ll still be required to pay holding and maintenance costs. If you don’t keep the family home, it may be necessary to pay a security deposit to rent a place or thousands of dollars in closing costs to buy a new house. It may also be necessary to buy new furniture, appliances and other items for your new place.

You’ll lose retirement savings

A retirement account is generally considered to be a joint asset even if you were the only one contributing to it during the marriage. Therefore, you may be required to cede a portion of its value as part of a divorce settlement. It may take years or decades to make up the money that is lost when you and your spouse go your separate ways.

It may be possible to anticipate the costs of a divorce by talking to a financial adviser before starting settlement talks. Opting for mediation or private talks as opposed to litigation may also help to keep costs down. Finally, your spouse may agree to cover moving or other expenses related to the end of your marriage.