In some senses, life is always getting more expensive. Inflation continues to make it so that money is worth less than it used to be. Costs and prices continue to climb as corporations make record profits.
But for those who are going through a divorce, it can feel like a sudden increase where things get much more expensive. Why does this happen?
Income and spending
The reason for this is that getting divorced generally means cutting someone’s income in half. If both people were employed and made exactly the same amount of money, they each have half the income as they shift back to just relying on one paycheck.
This can be even more dramatic for those who weren’t earning equal amounts. If one spouse was making $100,000 a year and the other spouse only earned $20,000 working part time, income levels are going to change more dramatically for the spouse who is earning less.
However, spending isn’t always cut in half. Say that you were renting an apartment with your significant other before the divorce. You both shared that cost previously, but now you both need a place to live. You both have to pay the mortgage or the rent, pay for the utilities, do maintenance and upkeep, pay for home insurance or renters insurance and much more. In other words, there may be a reduction in your income, but that doesn’t always mean there is the same reduction in costs.
Your legal options
This is why it’s so important to understand all of your legal options. You may have a right to spousal support or alimony, or you may need child support payments. You also need to know how to properly divide the assets that you own. Take the time to carefully consider your legal options.