All divorces cost emotional effort, time, and effort, but the monetary costs of divorce depend largely on the nature of your divorce. With every divorce, there is some division of property, as well as court and attorney fees. At minimum, a divorce where the spouses agree to all terms, have few assets and debts, and no children, will cost at least $500 in court filing fees and minimal attorney involvement.
Factors Affecting the Costs of Divorce
There are several factors that can bring up the cost of a divorce from this simplistic example. The nature of your relationship with your spouse, the extent of your assets, your attorney, whether or not you have children and/or other dependants, and the method by which you divorce will all have an impact on the overall cost of your divorce.
- The Nature of Your Relationship - If you and your spouse agree on most terms of your divorce and do not engage in an adversarial divorce, you will spend less money on attorneys, on various communications with your spouse, and on court fees. Having a collaborative divorce involves spouses discussing and agreeing to terms regarding child support and custody, division of property and debt, etc. Collaboration is the simplest way to save on the expenses often associated with divorce.
- Your Assets and Debts - If you have a substantial fortune and/or a complex financial situation involving businesses, accounts, and even debt, your divorce may ultimately cost more, because there is more to be divided and more attorney involvement required. What’s more, your attorney may recommend that you hire a Certified Divorce Financial Analyst, as well as an expert in pension funds and/or real estate, to make sure that your assets and debts are sufficiently documented and equitably divided. The hiring of such professionals, though necessary, can be extremely expensive.
- Your Attorney - All divorce attorneys charge fees, but not all of them have to be outrageously expensive. The money you spend on your divorce will also be affected by your specific attorney’s divorce strategy, so it is important that you research various attorney’s records thoroughly before hiring a lawyer.
- Children and Other Dependents - If you and your spouse have to fight over who gains custody of children, the costs of your divorce will go up. Your children will likely need to have psychological evaluations, and the court may even name a legal guardian during the proceedings, which also adds to the cost of divorce.
- Divorce Method - Using mediators and arbitration, rather than taking your divorce to court, can have a significant impact on the cost of your divorce. Explore all the methods of processing a divorce when assessing your costs.
Getting Help
With the right lawyer and the right attitude, you should be able to get a reasonable divorce that doesn't drag on forever or destroy your budget. Ask your attorney about how he can help you to arrive at a fair settlement in the quickest and least expensive way possible.
