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The Biggest Hidden Costs of Divorce in 2023
Mar 16

NEW YORK - March 16, 2023 - ( )

Credello: Nobody gets into a marriage thinking they'll divorce one day. If they do, it probably means they reached an impasse with their partner. One or both individuals feel they're better off going their separate ways.

If you're considering getting divorced this year, you're probably thinking about how that might change your finances. You may feel like yourá divorce and credit score plummeting might coincide. That can happen in some cases.

You should know about some of the biggest hidden costs associated with this life- changing event. We'll talk about some of those right now.

1. Business Ownership Costs

Sometimes, you'll own a business with your spouse. This does not happen with every marriage, but if you co-own a company together, you must think about how you're going to split it up.

Often, one partner wants to keep the business, and they want the other spouse to no longer have anything to do with it. If that's the situation you find yourself in with your partner, you will probably have to get the company professionally valued. That way, you can figure out how much your partner should pay if they're the one who wants to keep the company.

A professional company valuation can cost anywhere from $5K to $15K. That's certainly a sizable hidden expense you might not have considered.

2. Moving Costs

You and your spouse may own a house together. You want to move out, or perhaps you'd prefer they leave instead.á

Either way, you'll need to take the moving costs into account. If you have lived with this person for many years, they might have accumulated a lot of furniture and other possessions. If they're the one moving out, they might insist that you pay the moving expenses. That can sometimes cost several thousand dollars.

If the two of you still live in an apartment, you might not have as many possessions. It will likely not cost as much to move if that's the case.

3. Retirement Savings

Maybe you and your spouse were saving for retirement together. You might share some joint retirement accounts, or perhaps you have some investments that you own jointly.

It will often cost you some administrative fees if you divvy up that money or those assets.

By The Associated Press, Copyright 2023

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