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Are you familiar with these unexpected costs of divorce?

On Behalf of | Apr 29, 2020 | Divorce

You may feel that you have done a fair bit of research regarding the overall cost of divorce, but there is still a chance that you overlooked a few factors. A single oversight could serve as a serious blow to your budget and future financial health.

See what Business Insider has to say about surprising expenses associated with divorce. Look at your financial plan for the next chapter in your life to see whether you are as prepared as you hope you are.

Refinancing your auto loan

If you and your soon-to-be-ex-spouse bought a car together that you have not paid off, you may have to refinance the loan under your name. Not only does refinancing cost money, but your monthly payment could also increase, not to mention that it could take you longer than the length of your original loan to pay the car off by yourself.

Securing your own auto insurance 

After refinancing your car in your own name, you may want to get a new auto insurance policy. Because you are now on a policy by yourself, you no longer qualify for a shared insurance discount.

Getting your own place

You could prefer to live by yourself after your divorce if you cannot stand the idea of sharing your marital home with your current spouse. You may have to hire movers to help you pack up and move your belongings out of the marital home, and you have to pay rent if you move into an apartment. Once you move into your new place, you could have to spend more money on household items and to get utilities and internet up and running.

Think about minor and major financial details while planning your finances after your marital split. Your future self is sure to appreciate your meticulous planning.