If you’re facing a divorce, it’s natural to think about your finances. It’s expensive to split up and start over.
But just how expensive? According to the latest figures, Michigan’s relatively low cost of living (which is 7% lower than the national average) also translates to a lower cost of divorce than in many states. A divorce without minor children will likely cost $12,900. Those with minor children can expect to pay $19,400. That makes divorce in Michigan less costly than in almost half the nation.
Most people don’t know to gauge the real financial toll of a divorce until they’re in one. It isn’t the court costs, filing fees and attorney’s fees that take people by surprise, though. The big surprises are:
- Down payment and first month’s rent for a new apartment or home
- Connection fees for utilities
- Moving costs
- The expense of setting up a new household (supplies, bathroom items, furniture, beds, etc.)
- The expense of refinancing a car (in order to get it out of a spouse’s name)
- A possible increase in monthly insurance costs due to the lack of a shared policy
- The cost of separating your phone plan from a spouse’s
- Loans to pay off a shared credit card
- Therapy co-pays and other self-care items that help with emotional coping
- The lost hours of wages due to meetings, court dates and moving
Keep in mind that there’s a huge variance in individual cases. Couples can often control their legal costs better than they anticipate just by focusing only on the key issues in their case. Careful planning in anticipation of your divorce can help you minimize many of the other expenses.
If you’re ready to seek a divorce, find out more about how the process works today.