Plan your financial transition during divorce with our comprehensive budget calculator. Estimate legal costs, living expenses changes, and create a realistic post-divorce budget.
Financial Planning During Divorce
Divorce brings significant financial changes that require careful planning:
- Legal Costs: Attorney fees typically range from $3,000-15,000+ depending on complexity
- Living Expenses: Maintaining two households usually increases total costs by 30-50%
- Asset Division: Professional valuations may be needed for homes, businesses, and investments
- Income Changes: Consider alimony, child support, and potential career adjustments
Money-Saving Divorce Strategies
Mediation First: Mediation costs $100-300/hour vs. $200-500/hour for attorneys.
Collaborate When Possible: Uncontested divorces can cost under $3,000 total.
Organize Finances: Having documents ready reduces attorney time and costs.
Important Financial Steps
Protect your financial interests during divorce:
- Open individual bank accounts and establish credit in your name
- Document all assets, debts, and income sources
- Update beneficiaries on retirement accounts and insurance
- Create a post-divorce budget based on your individual income
- Consider tax implications of asset division and support payments
- Plan for health insurance if you're losing spousal coverage