While there is a lot of headline news about celebrity divorce where people like Elin Woods receive $100 million in settlement money, the reality is most divorce is not any where near as lucrative for the ordinary person. In fact, statistic show that when a couple goes through a divorce, they end up in difficult financial situations and are financially worse off than when they were married.
While women are more likely to take the biggest hit in income, men also often take a hit in income, particularly if both parties worked prior to the divorce. In addition, if there are children, running two separate households creates greater financial stress. For example, when a couple is married their children only need one bed a piece. When the couple goes through a divorce there is suddenly a need to purchase a new bed for the child to have a bed at both homes. Another example of financial stress is the mortgage. If you take your typical family, husband, wife and two children and you divide the cost of the mortgage by four people, your cost of living per individual is less than if you are running two households for only three people.
Financial planning prior to divorce is a very helpful strategy to help reduce the amount of financial stress created by divorce. As a Boise Divorce Lawyer I often recommend that couples review this option as part of their divorce. It is important not only for the couple divorcing but for their children as well. Divorce is difficult on children and helping to reduce stress wherever is possible is very important for their emotional well-being.
For more information on divorce in Idaho visit www.divorceboiseid.com
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