Be informed about how much you can expect to pay when going through a divorce with the details shared in this article. Here’s what a typical divorce costs.
Did you know that there are over half a million divorces each year? Divorces can occur due to a large number of different factors, such as an inability to communicate with your partner. However, not everybody understands the cost of divorce.
So, we have put together a brief guide that breaks down what you can expect to pay before getting a divorce.
Let’s take a closer look at divorce cost and the factors that influence this amount.
Consider the Circumstances of the Divorce
As you might guess, an amicable split is less expensive than a bitter courtroom battle.
If you and your spouse are able to agree on the conditions of the divorce, it is possible to get an uncontested or “no-fault” divorce that cuts down on expenses.
Think About Who Will Pay for Lawyers
The biggest expense in most divorces is legal fees. Depending on the complexity of your divorce, you may need to retain a lawyer who specializes in family law.
It’s best to think about who will pay for these services before anything else. Lawyer fees are something you should never skimp on, though. Hiring the right attorney can mean the difference between whether or not the divorce ends fairly.
Your attorney may also find alternatives that are less expensive. For example, they may suggest divorce mediation to resolve your issues.
Understand Court and Filing Fees
Court costs are unavoidable when it comes to getting a divorce. Depending on where you live, there could be fees for filling out the paperwork, filing a motion, or requesting documents.
These costs can vary from case to case. So, be sure that you keep them in mind. Otherwise, you may find yourself paying far more than you expected.
Calculate the Cost of Dividing Assets
When you get divorced, you and your spouse will have to divide all of the assets accumulated during the marriage. This could include real estate, cars, furniture, investments, and other items.
It’s important to carefully consider the costs associated with dividing up these possessions before you proceed. Unfortunately, this is where divorces can become complicated. You may have to provide proof of ownership if the other party claims that you do not own a particular possession.
You might also run into a situation where your spouse claims they are entitled to something you own.
Be Aware of Alimony Payments
Alimony is another expense that could be associated with a divorce. Alimony, which is also known as spousal support or maintenance, is money paid from one spouse to the other after the divorce is finalized. The amount and duration of these payments will depend on a variety of factors and should be discussed before making any decisions.
Child Support Is Also a Factor
If there are children involved, the court may require one parent to pay child support each month. The amount of this payment depends on both parents’ incomes and other factors. It is important to consider how much you might need to pay in child support when budgeting for a divorce.
Your attorney can provide insight into what you can expect to pay. Factors that contribute to your child support payment can vary widely between different circumstances. So, you may end up paying a different amount compared to somebody who is in a similar situation.
Don’t Forget About Taxes
Finally, it’s important to remember that the Internal Revenue Service (IRS) can also factor into divorce costs. Depending on your situation, you may need to pay extra taxes if you receive alimony payments or divide up certain assets.
Make sure to check with a tax professional before moving forward. otherwise, you could run into financial problems in the future.
So, How Much Does a Divorce Cost?
In terms of money out of pocket, you should expect to spend at least a few thousand dollars. However, certain nuances can cause this number to skyrocket (such as having your spouse contest the divorce).
There is also something to be said about the costs associated with losing property or being required to provide alimony payments/child support.
How Do I Find the Lawyer Who Is Best for Me?
Not all firms will be able to meet your needs. So, you shouldn’t always work with the first person you find.
Taking a look at their past reputation is one of the best ways to gain the insight you need.
You should pay close attention to how they respond to client complaints. If they are dismissive or place the blame on the individual, you may not want to hire them.
Ask about their success rate with their past clients, as well.
You should always focus on lawyers who specialize in divorce law. If you don’t fall into their target demographic, they aren’t the right decision for you.
Always inquire about their billing structure. You should also ask about miscellaneous fees
This will help you create the budget that is best for you.
Never work with someone you are not comfortable communicating with. Unfortunately, many people neglect this obligation.
This could lead to a situation where you invest time and resources into a lawyer who cannot help you meet your needs.
Understanding Divorce Cost Is Easier Than It Seems
Sometimes, determining divorce cost can seem overwhelming. The above guidelines will help ensure that you avoid problems you may have otherwise dealt with.
Looking for more information about what we can do? Reach out to us today to see how we can help.