Most people understand the basic costs of a divorce. They understand attorney fees and the costs of two households. However, there is another set of costs in divorce: opportunity costs.
Opportunity costs are, “A benefit, profit, or value of something that must be given up to acquire or achieve something else…” The opportunity costs of divorce often refer to what each party can do with their time, money, and energy if they resolve the case collaboratively or quickly. Another way to look at it is what they lose/gain in a divorce, or what happens (the cost) when things aren’t resolved in an efficient and congenial manner.
The Opportunity Costs of Divorce
Think about what you lose when your focus is taken over by divorce. What are the little opportunity costs of divorce that sneak in? Here are a few to consider:
Time with your kids
Time with your kids is priceless. More importantly, quality time with your kids is necessary for their well-being. During a divorce, when you are thinking about division of assets, moving, or how you’re going to budget moving forward as a single person—it all takes away from time with your kids.
When you are able to avoid a contentious divorce, you are more likely to make it to ball games or have a movie night. Remember that you are not the only one affected by a divorce. Your kids will have powerful emotions as well. If anything, it’s a time when they need you more than ever.
Time away from the office
Work is another one of the opportunity costs of divorce. Time away from the office can cost you income. Plus, distraction can slow down your work performance. There are many ways divorce affects your work. One issue that is not often thought of is how a divorce can affect your ability for advancement.
Work advancement happens when people are able to focus on their job, and when their performance level is high. What if you’re missing work due to appointments involving the divorce? What if you are working out childcare or juggling a new schedule? The cost of missing out on an advancement opportunity can have a big impact. It’s not to say you won’t have one later, it’s simply showing that sometimes the opportunity costs of divorce are more extensive than you think.
While starting over can be an exciting prospect, it can cost you in terms of time, money, and energy. It takes time to find a new place to live, time to find a job, money to transition into two households, and energy to do all of it. It’s true that there are opportunity costs in starting over, but you can also work to see the bright side of it. Implement new routines, habits, and choices that increase your overall well-being and create a positive space.
Ask a Professionals About Opportunity Costs
If you are unsure of the opportunity costs that may affect you during your divorce, contact a BestLegalChoices.com professional for more information. They can help you weigh your options, and walk you through the opportunity costs in divorce.