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The Five Hidden Costs of Getting Divorced


 

 

“Ah, yes, divorce ... from the Latin word meaning to rip out a man's genitals through his wallet.”

--Robin Williams

It seems like in every large city, there’s one divorce attorney who owns the market on billboards and bus stop signs. There’s one in the Dallas-Fort Worth area. It’s impossible to drive more than a couple of miles down the interstate without seeing one of his signs. What’s his biggest selling point about using him as your divorce attorney?

He’s cheap.

For less money than it would cost someone to fly to Vegas to elope and get hitched, he can put the couple asunder. 

I can only imagine that using him for your divorce attorney would be akin to the kids who went up to see Santa in A Christmas Story. Two elves spin the unfortunate couple around, sit them on the judge’s lap, and before you can say “Red Ryder B-B Gun,” the paperwork is signed and the divorce is final.

Unfortunately, it’s neither that easy nor that cheap.

Besides Emotional Costs, There Are Financial Costs to Divorce Too

As much as we’d like to believe that all we have to do is stroke the tiny check to the bus stop attorney, it’s never that easy, and it’s never that cheap to get a divorce. Here are some of the other, unmentioned costs to the divorce.

The attorney is rarely as cheap as he advertises. Yes, it is possible to qualify for the super-cheap rate that is being advertised to get you in the door and to get you committed to the attorney in the first place. Chances are very, very high that you don’t qualify for that rate unless you have only been married for a very short time and have a mutually-agreed upon divorce where everything is already settled. Simply put, don’t expect to pay the advertised rates.

Splitting assets have costs too. If you own a house together and there’s a lot of equity in the house, then you’re probably going to have to sell the house (see 

http://www.hullfinancialplanning.com/the-endowment-effect-why-you-should-buy-a-foreclosure-and-never-sell-to-an-investor/ 

for more) to create the liquidity to settle the divorce. That will probably cost around 6% in Realtors’ commissions and then
you’ll have a few thousand in closing costs. Money, meet fire.

To continue reading this article, please click on the link below:

http://www.hullfinancialplanning.com/5-hidden-costs-of-getting-divorced/

Jason Hull is a Fort Worth fee only, hourly financial planner who serves clients in Fort Worth, TX and Dallas, TX as well as serving clients nationwide.

<a href="https://plus.google.com/116275753988749274645/">Connect with Jason on Google+</a>

Hull Financial Planning is a Fort Worth, fee-only hourly financial advisor. The cities we serve in the Dallas-Fort Worth area include: 

Tarrant County: 
Arlington, Azle, Bedford, Benbrook, Blue Mound, Burleson, Colleyville, Crowley, Dalworthington Gardens, Edgecliff Village, Euless, Everman, Flower Mound, Forest Hill, Fort Worth, Grapevine, Grand Prairie, Haltom City, Haslet, Hurst, Keller, Kennedale, Lake Worth, Lakeside, Mansfield, Newark, North Richland Hills, Pantego, Pelican Bay, Rendon, Richland Hills, River Oaks, Saginaw, Sansom Park, Southlake, Trophy Club, Watauga, Westlake, Westover Hills, Westworth Village, and, White Settlement 

Dallas County: 
Addison, Balch Springs, Cedar Hill, Carrollton, Cockrell Hill, Combine, Coppell, Dallas, DeSoto, Duncanville, Farmers Branch, Ferris, Garland, Glenn Heights, Grand Prairie, Grapevine, Highland Park, Hutchins, Irving, Lancaster, Lewisville, Mesquite, Ovilla, Richardson, Rowlett, Sachse, Sand Branch, Seagoville, Sunnyvale, University Park, Wilmer, and, Wylie 

We also serve clients nationwide and can leverage technology to maintain our client contact and communication.

 

Hull Financial Planning, 2939 Crockett St. #315, Fort Worth TX 76107, (817)476-0584

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