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Unmasking the hidden costs of divorce

On Behalf of | Jul 10, 2023 | Divorce

Ending your marriage in Texas can be a much costlier affair than you bargained for. This is because there are a wide range of surprises that may lay in store for you. These can range from unexpected legal fees to moving costs to many other charges. It’s a good idea to research some of these financial pitfalls before you make a decision.

You may face extra legal fees

You have already paid to get the best possible lawyer for your divorce. However, you also need to prepare to encounter fees that may be required to modify your child support. You may also face adjustments to your spousal support payments.

You may pay more for health care

Divorce may cause you to lose your married health care benefits. As a result, you may end up paying more out of pocket. The stress and anxiety your divorce causes may also cause you to suffer more negative health effects. It’s a good idea to research solo health insurance options before your marriage ends.

You may have to pay more taxes

Another unexpected charge to face after your divorce may involve the state of your taxes. You may have been used to filing your taxes jointly. This will no longer be the case after you divorce. Your deduction as a single person will be much lower. Be sure to prepare for this by making the appropriate adjustment to your budget.

You’ll need to rebuild your credit

You may be the spouse who gets tagged as the debt holder. Should this occur, you’ll need to spend money to build your credit back up. This may involve taking on even more loan and credit card payments. It may be a while before you qualify for better terms.