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The Financial Consequences of Divorce

Posted on March 10, 2023

Nobody expects their marriage to fail, but it happens all too frequently; in 2021, there were 689,308 divorces and annulments in the US[1]. Divorce impacts every part of your life, and can have an especially acute effect on your finances.  Before you file for divorce or, if your divorce is already in process, make sure to consider how your finances will change. Following are some pointers to keep in mind:

Child Care

If you have young children, you will need to figure out a plan for a nanny, daycare, or afterschool care until they are old enough to stay home by themselves. According to, the average cost of a full-time nanny for one child is $694 per week, the cost for a child care center for a toddler is $226 per week, and the cost of an afterschool sitter is $261 per week[2]. However, in more expensive areas, such as Palm Beach County and Miami-Dade, the price can be significantly more than that, so make sure to thoroughly research what your costs will be.

Your Credit

You will need to establish your own credit if you were listed as an authorized user on your spouse’s credit cards instead of having your own credit history. You may need to start by setting up a secured credit card with a low credit limit while you build up your credit history. If you plan to buy a new home or car shortly after your divorce, you may need a co-signer if your credit is not high enough. As you work to build up your credit, paying your bill on time each month is the single most important step you can take; that alone is responsible for 35% of your FICO score.[3]


You and your spouse will likely split your shared retirement funds, regardless of whose name they are in.  This may leave you with significantly less in your retirement nest egg than you previously had. You may need to stay in the workforce longer than you had planned. Or, rather than fully retiring, you may need to continue to work part-time until you have enough savings to comfortably retire.

If you are thinking about divorce, contact Troy Legal for a free consultation. The earlier you bring us into the process, the better we can help you plan your exit strategy and be prepared for your new life post-divorce.

[1] Centers for Disease Control and Prevention. Provisional number of marriages and marriage rate and number of divorces and annulments and rate: United States, 2000-2021 ( Accessed February 7, 2023.

[2] How much does a nanny cost? – Resources. Accessed February 7, 2023.

[3] Experian. How to Manage Your Credit During a Divorce – Experian. Accessed February 7, 2023.

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