The Financial Repercussions of Moving During a Divorce

An average American citizen, in their lifetime, moves more than 11 times, so it’s easy to see how one of these moves may be during or after a divorce. The following are some of the financial repercussions you could expect to experience if you move during a divorce so you can prepare yourself mentally for them.

Child Custody Considerations

When children are involved in a divorce, there’s no doubt that it gets a lot more complicated. This is because the separating parents must consider the needs of their children and do what will be right for them. If there can be an agreement that doesn’t involve going through the custody process in court, this will be one financial burden halved.

Custody hearings will cost both time and money, and this is why working with a mediator may be beneficial for everyone. Different states also have different laws as far as custody goes after a divorce, and this could make it more complex to try and stay within the confines of the law, all while not negatively affecting the children’s wellbeing. For example, in PA, it is termed a relocation if one parent moves and their child or children have to travel for more than one hour between their parent’s homes. The further apart the parents are, the more expensive it will be to maintain the visits, so it may be beneficial to minimize the distance one parent moves.

Moving Out of State

Another financial repercussion of moving during a divorce can be felt if one of the partners moves to another state. This will call for moving items across state borders or selling the old items and buying new ones once settled in the new location. If the spouse that moves out of state had a job or business in the state they’re moving out of, this will be money lost to them, something they will especially feel if they don’t have another way to make money where they settle.

If they move to a state with higher living expenses, it may prove difficult for them to settle once they move. This makes it important to think carefully about where one moves because even if they get a settlement, it’s possible to finish it without having found a way to make more money to cater for living expenses. This is especially felt if there are children in the picture.

Distribution or Transfer of Shared Assets

Finally, if the separating couple had businesses together or had acquired expensive assets like houses in the course of their marriage, it’s important to find a way to distribute these after divorcing. Estate planning, which according to LegalZoom is believed to be important for everyone no matter how much wealth they have by 77% of adults in America, may help in this instance.

A mediator could help out in this instance as they could offer possible solutions to how best to distribute these items between the divorcing couple. If it’s impossible to find a working solution with the help of a mediator, the couple may have to go to court. Hiring a lawyer and going through the legal process may cost additional time and money, and the outcome may be unfavorable to one party after all is said and done. This makes it important to take time and be calm and level-headed when making these decisions in order to arrive at a solution and not drag the process out for long.

These three financial repercussions of moving during a divorce need to be at the forefront of your mind. Thinking about them will help you make a decision that will minimize the costs to you and help you have an easier time dealing with your divorce.