One of the biggest news stories right now is inflation. You can’t go anywhere without noticing higher prices, from the grocery store to the gas station to your favorite restaurant.
Inflation can also affect your relationships, namely your marriage. Not only can it lead to divorce, but it can also make you divorce more expensive.
While inflation often reduces purchasing power, it can lead to increased wealth if you have certain assets. Therefore, if you are going through a divorce, you need to know how inflation will affect certain elements.
Your dollar may not seem to go very far, but if you have stocks or real estate, their values may increase over time. These are h5 investments, so if you get these in a divorce, keep in mind that they may be more valuable than you think.
If you’re receiving alimony or child support, your payments won’t go as far as they used to. Your payments won’t increase, but because prices are increasing everywhere, you don’t get as much for your money. In a few years’ time, your child support payment won’t pay for the same bills.
Even things you don’t buy regularly will go up over time. Cars, appliances, vacations, college tuition, retirement expenses — these expenses won’t stay stagnant. Inflation affects everything, so expect to pay more for larger, less common expenses. Keep this in mind as you settle your divorce.
While you can’t predict just how much prices will go up after a divorce, there are a couple things you can do to estimate how inflation will impact you. Here’s how to prevent financial issues from getting out of hand:
Inflation affects many aspects of life. Not only are grocery and gas prices going up, but it could cost more to get divorced as well.
Learn more about the true costs of divorce. A Columbia divorce lawyer from The Law Offices of Todd K. Mohink, P.A. can help. We’ll work hard to make your divorce simple and less expensive. Call (410) 774-5987 or fill out the online form to schedule a consultation.
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