Even with a steady income and strategic investments, facing a divorce can be financially stressful. Faced with dividing your marital property and moving forward on your own can be an overwhelming prospect for anyone.
As you step into the single life again, you may hear about the concept of the “single’s tax,” or the idea that it is more expensive to live single than married. However, is that true?
Many reports say yes
According to CNBC, it is more expensive to be single in a way. While the actual cost may not be as expensive, it is often because individuals shoulder these expenses alone after a divorce rather than dividing them that makes it cost so much. Expenses you once shared with your spouse may now fall onto you alone, including, but not limited to:
- Mortgage or rent payments
- Household utilities
- Credit card payments
- Insurance fees
For example, even if you move to a smaller place with a smaller price tag, simply the fact that you are paying the housing costs – and all related costs – by yourself makes it more expensive in the grand scheme of things.
This is why proper preparation is so important
It might be a reality that being single after a divorce could be expensive, especially compared to the financial situation you grew accustomed to throughout your marriage. That being said, careful planning can go a long way to secure your financial future after a divorce.
Once you determine that ending the marriage is the right decision for you, it will be critical to:
- Know your rights in North Carolina, specifically when it comes to your assets and property
- Understand the big picture of your financials
- Assess how property division will affect your budget
- Look into alimony eligibility
Finances should not be a hurdle for those seeking a divorce, and it is possible to protect your financial health as you enter the next chapter of your life.