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5 ways divorce can cost you

The costs of divorce
The costs of divorce © zimmytws/Shutterstock.com

"Happily ever after" can turn into "going our separate ways" for many married couples. And that can take a toll on their personal finances as they move on from each other.

Roughly 1 of 2 marriages ends in divorce, according to the most recent data from the Census Bureau.

Divorced men and women are more likely to earn less than $25,000, to be living below the poverty line and on public assistance than their married counterparts, according to Census stats. Divorced women often fare worse than divorced men, according to the data, even though they are three times more likely to get custody of the children.

"The general rule is you're not going to be better off after a divorce," says Andrew Hoffman, a Certified Divorce Financial Analyst. "And the lesser wage earner has the greatest difficulty in financially recovering from a divorce."

A family's income needs to increase by almost a third to maintain the pre-divorce standard of living in two households, according to calculations by Hoffman.

When heading for divorce, know in advance that it can deplete your personal finances whether you're the ex-wife or ex-husband.

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