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Divorce and the impact on finances

On Behalf of | Jun 1, 2023 | Divorce |

Divorce is a stressful and sometimes contentious process. In the middle of proceedings, you may feel eager to get it over as quickly as possible.

However, to limit the long-term financial impact, it helps to better understand how a divorce can impact your finances.

The division of debt

In a Minnesota divorce, the court divides marital property in a manner that is fair and equitable, and that includes debt. For example, if you or your spouse have credit card debt, you could both be liable for repayment, even if only one spouse’s name is on the account.

Child care costs

If you share children with your soon-to-be ex-spouse, you may need to pay child support or may receive child support payments that do not fully cover childcare expenses. The average cost of child support payments can vary depending on several factors, including the non-custodial parent’s income and the number of children requiring support.

Changing in health insurance

Spouses commonly share health insurance plans. After divorce, you will need separate policies. If you relied on your spouse for health insurance, you will need to consider the cost of purchasing your own policy.

Increasing housing costs

Living single is typically more expensive than living with a partner or roommate. You will need to consider the changing cost of living when deciding where to live and what expenses you can handle.

Downsizing post-divorce can be challenging, especially if you grew accustomed to living a more luxurious lifestyle. However, it could save you from substantial financial distress in the long term.


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