5 Areas That May Be Affected By a Divorce
Part of the reason (besides the emotional) that divorce is so overwhelming, is that it has the potential to affect so many areas of your life. Here are 5 areas to consider when thinking about how a divorce may affect you.
Legal – Aside from the obvious document referred to as your “divorce agreement”…you’ll need to consider changes to other legal documents as well.
Insurance – Changing your status to “divorced” and possibly becoming a one adult household can affect not only your health insurance, but home and auto as well.
Financial – Going from a two-income household to one is one of the biggest logistical changes when getting divorced. Thinking further down the line…divorce can affect retirement savings and/or what you thought your retirement plans would be.
Taxes – Going from “married filing jointly or married filing separately” to “single” or “head of household” can have complicated ramifications…not to mention dealing with dependents on your taxes (or possible checks/credits received during a pandemic)!
Child Care – This may seem obvious, but if you’re a working parent…and you’re now solely responsible for child care (and any pick-ups/drop-offs) when they are in your care…there may be more pieces to juggle.