Divorce has been around for a long time. While the process has remained relatively the same for decades, some of the issues you may be facing are new. Here are a few of the newer financial realities of divorce and hidden costs that may arise.
- Cryptocurrency: With the rise of cryptocurrency, dividing digital currency is now a concern. Cryptocurrency can be difficult to track and value, and the division of these assets can create significant legal and investigative costs.
- Remote Work: So many more people are working from home and divorcing couples may need to consider the impact of their living arrangements on their work. If one spouse needs to relocate for work, there could be significant additional expenses related to housing and commuting.
- Mental Health: Since the start of the COVID-19 pandemic, we have seen some impacts on mental health. Many people are actively seeking therapy, whether in-person or online. The cost of mental health treatment, including therapy and medication, is an expense the should be considered if one spouse carries the health insurance.
- Business Ownership: Whether a business is jointly owned or not, throwing a business in the mix of a divorce can get messy. It may be necessary to hire a business valuation expert to determine the value of the company so it can be divided. A forensic accountant may also be needed if there are concerns that business income is being concealed or otherwise manipulated.
Making a list of all assets and accounts is necessary to get the full picture of your divorce finances. It can be overwhelming, but resources from the Divorce Money Guide can help you get organized and guide you through the process of getting a complete view of your finances and taking control of your money.
