Getting divorced changes almost everything in your life – including your money situation. While you’re probably thinking about the big expenses like lawyer fees, there are many other costs that nobody tells you about until you’re facing them.
Think of these as the “hidden costs” of divorce. Understanding these costs now can help you make better choices and feel more prepared for what’s ahead. Let’s walk through what you need to know about the real cost of divorce.
The Costs That Might Surprise You
1. Your Taxes Will Change
When you’re married, filing taxes together usually saves you money. But after divorce, you’ll file by yourself, which often means paying more. Think of it like splitting a pizza – buying one large pizza together is cheaper than each person buying their own small pizza.
What you can do:
- Talk to a tax expert before your divorce is final
- Ask them to explain how your taxes will change
- Start saving extra money for tax time
- Keep good records of all your money coming in and going out
2. Childcare Costs Can Be Big
If you’ve been staying home with your kids, going back to work means finding someone to watch them. Daycare, after-school care, and summer camps can cost a lot of money. Some moms are shocked to find out that childcare can eat up a big part of their paycheck.
Smart steps to take:
- Research childcare costs in your area before you need them
- Look into different options like family daycare homes vs. daycare centers
- Ask other single moms what works for them
- See if your workplace offers any childcare benefits
- Get everything in writing about how you’ll split these costs with your ex
3. Health Insurance Changes
If you don’t have your own health insurance, this may be a big change after divorce. Being on your husband’s work health insurance plan is usually much cheaper than getting your own. When you divorce, you’ll need to find new insurance, and it might cost more than you expect.
Your options:
- Check if your job offers health insurance
- Look into COBRA (temporary insurance from your ex’s plan)
- Compare prices on the health insurance marketplace
- Consider a health savings account to help with medical bills
- Don’t wait until the last minute – start researching now
4. Housing Gets More Expensive
When one house becomes two, everyone’s costs go up. Moving is expensive, and today’s housing market makes it even harder. Whether you’re buying, renting, or keeping your current home, you need to plan carefully.
Things to think about:
- Can you afford to keep the house on your own?
- How much are rentals in safe areas near your kids’ schools?
- What will utilities cost when you’re paying them alone?
- Do you need money for moving expenses?
- Have you thought about new furniture or household items?
5. Legal Fees Keep Coming
The money you pay your lawyer at the start (called a retainer) is just the beginning. Many women are surprised when they need more legal help later on. Think of it like a home repair – sometimes what seems like a simple fix turns into a bigger project. Be prepared to pay a lot more than that initial deposit you make with your attorney.
How to handle legal costs:
- Ask your lawyer to explain all possible fees upfront
- Get everything in writing
- Keep some money saved for future legal needs
- Consider mediation for some issues to save money
- Keep good records of all agreements with your ex
New Costs You Might Not Expect
When you’re divorcing, there are other costs that many women don’t even think about. Will you have to get a different car? Will someone have to refinance the car you currently have? How much will new auto insurance cost? (Hint: It’s often more expensive for single people.) You also might end up spending more on gas because of transporting the kids back and forth between two homes.
The costs for schooling and children’s activities can be a point of contention. The fees, uniforms, school supplies, field trips, and activity costs can add up quickly. You might even have to double up on some of these because you have two homes. For example, you might need extra uniforms or school clothes. And who is going to cover these costs? You may have agreed to split them, but what happens when your ex refuses to pay his share?
Protecting Yourself Financially
The key to handling all these costs is knowing as much as possible about your money situation before and during your divorce. Here’s what you can do right now:
- Make a list of everything you own and owe
- Get copies of all important documentation
- Start tracking your spending
- Open your own bank account if you haven’t already
- Check your credit report
- Start building an emergency fund
Remember: Every divorce is different, just like every family is different. But being prepared for these costs can help you make better choices and feel more in control of your future.
Getting Help
Don’t be afraid to ask for help. There are people and places that can support you:
- Divorce financial planners
- Women’s resource centers
- Support groups for divorced moms
- Financial advisors who specialize in divorce
The most important thing is to learn about your money now, so you can make good choices during your divorce. This knowledge will help you build a stronger financial future for yourself and your children.
