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Divorce leaves both spouses with financial fears

Marriage is something that many Americans find to be an important step over the course of life. Married couples often live in the same household, combining incomes and expenses. These combined expenses can create savings, but when a divorce occurs, these savings, along with other financial advantages, disappear.

Those living in Columbus, Ohio, are no strangers to divorce. But what many do not know is that though divorce is easy to file for, it can be expensive.

Some experts have estimated that the average divorce in the U.S. costs $20,000. With the division of property and assets, support payments, legal fees, tax consequences and other things, there are many sources for this exorbitant price tag.

Married couples often receive special tax advantages for being legally tied together. This advantage is one that can save considerable amounts of money over the lifespan of a couple. When that marriage is dissolved, the former spouses are no longer eligible for such advantages. In addition to the loss of these tax advantages, the former spouses likely have the same income they possessed during the marriage.

The split caused by divorce often results in one or both spouses moving out of the home. Affording a mortgage or rent on half of the income as during the marriage can be daunting. That is why, when divorcing, there is usually one spouse who is afraid they will lose a majority of his or her wealth while the other is concerned about having a home in the future. Sometimes it's wise for both to agree to sell the house.

Because of the financial implications, divorcing spouses should be prepared to provide an honest accounting of all assets and debts. It can help to make achieving a divorce settlement easier.

Source: Business Insider, "Here's How Much A Divorce Will Really Set You Back," Craig Guillot, June 15, 2012

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