How Much Will Your Divorce Cost?
Determining the cost of a divorce isn’t easy. The average divorce cost could range from $500 for an uncontested divorce to $15,000 or more. There isn’t a checklist that can tell you what your divorce will cost, but you can think about what expenses you will have.
What Factors Influence the Cost of Your Divorce?
An uncontested divorce is probably the least expensive way to become single again. This means that you agree with your spouse on everything, all that’s left is to have a judge sign off on your divorce. If you don’t have many assets and there are no children, this may be an option. Usually, divorces are contested. There are many things to work out. If your marriage is breaking down, deciding child custody and support is usually a contentious process. If you and your spouse can’t agree through the process using mediation or through your lawyers, a trial will be costly.
What Are Some of the Financial Costs of Divorce?
The first cost that most people think about with a divorce is the lawyer’s fees. An attorney will be a big part of the expense of the divorce, but you will also have court costs and outside experts. You may also have to refinance loans to get the other spouse off the loan. Your housing costs will likely increase because the rent or mortgage isn’t being shared between the two of you. Some of your insurance policies may increase when you separate. Sometimes, it can be better to pay off debt than to divide it up, so you may need to consider those costs.
Have You Considered the Indirect Costs?
Divorce is a stressful process, whether you and your spouse agree or not. You may have expenses that aren’t necessarily financial, but they will impact your finances. Don’t forget to factor in time off work for court or lawyer appointments. Many people attend therapy sessions during and after their divorce to heal. If you have kids, you’ll want to make sure they feel comfortable. You may have to be more available while they process their own feelings.
Divorce Can Be Expensive. What Are the Alternatives?
There are ways to save money on your divorce. The more you and your spouse agree on, the less expensive your divorce can be. However, that isn’t always realistic. You should speak to an attorney, like a family attorney about your options and situation to make sure you get the divorce done right to start your life in the best way possible.
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