Divorce can cost a lot. Many in Columbus, Ohio, have found this out the hard way after spending months in court. Going through the first divorce is hard, but imagine a second one, especially if child support and alimony were awarded previously. Add in the short-term costs of attorney fees and court expenses along with more support and you could have a recipe for bankruptcy.
According to statistics, second divorces are more likely to occur than the first. Research from the National Center for Family and Marriage Research at Bowling Green State University indicates that the overall divorce rate for marriages in 2010 was 17 out of 1,000 for first marriages and 24 out of 1,000 for any that had been married more than once. The average divorce rate equates to 50 percent for first-timers and 67 percent for second-timers.
Those that who married more than once, with their heightened rates of divorce, are more likely to pay support to ex-spouses and children. Tie this to the effects of the recession and an understanding of the financial outlook for such individuals should be apparent.
One woman who has been divorced twice -- her first marriage lasted only one year but her second lasted 20 -- knows these pains. According to her, heading into a second divorce with three children -- one from the first marriage -- would leave her bankrupt. She wanted an amicable split, but the split turned sour just before the process was set to begin.
Luckily for her, she managed to strike up a temporary truce with her husband before the two went to court. Instead, they are remaining separated until they can afford the divorce.
There are other low-cost options available for divorcing couples, such as mediation or a no-fault divorce, that can be employed to save money and time.
Source: MSNBC, "Divorce is hard, but second one can wipe you out," Geoff Williams, July 13, 2012