The process of ending a marriage can be a financially and emotionally devastating process. In addition to the legal fees and court costs, there are other ways that a divorce can impact one’s finances. Some of these ways are easy to plan for, while others are more subtle, and they can catch a Mississippi spouse by surprise as he or she plans for a post-divorce financial future. Planning well can lay the groundwork for stability and security going forward.
The price tag of extricating 2 lives
Even when two spouses resolve to be amicable and move forward in a productive manner, the price of divorce can be significant. In a contested divorce, the cost can be even higher. Spouses may forget to account for costs such as taxes, household expenses, loss of retirement savings and other costs. To offset the financial disruption of divorce, it may be helpful to find ways to resolve ongoing disputes outside of court.
Additionally, a Mississippi spouse will benefit from carefully calculating the costs of living separately, including housing, regular household expenses and taxes. This will allow him or her to establish a reasonable budget. Additionally, it is critical to account for the potential tax consequences of all decisions, particularly those related to property division.
When pursuing the best possible outcome for a divorce, it is prudent to keep one’s focus on what will make the most sense long term. By avoiding emotionally driven decisions, it is possible to secure terms that will provide future stability and security. As with all divorce-related decisions, it may be helpful to speak with an attorney about one’s options.