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Are you wondering how much your divorce will cost?
With nearly 50% of marriages in American ending in divorce, you’re not alone. Marriage is hard work but the divorce process can also be difficult and expensive.
There are several ways to approach your divorce proceedings. There are different paths for people in various positions; those married for a while, those with children, or those who just want a quick and clean break.
There are also a few factors that contribute to what your divorce will cost and no two cases are identical. But don’t worry, we’ve got you covered.
Check out our helpful guide to answer the question at hand: how much does a divorce cost
Is Your Case Complicated?
How complicated your personal situation is will play a part in how much it costs.
If you have a straight forward case, you could get a divorce for as little as a few hundred dollars. This usually means you don’t have children and you are able to remain friendly with your ex.
This also means there are no assets and both parties are will to cut ties and go their own way.
While that sounds like a lovely scenario, it’s more likely your case will be more complicated and therefore cost more.
While different states have different divorce rules and guidelines, there are several general circumstances that can determine how your divorce plays out, financially.
For example, having children, join assets, the length of your marriage and the yearly income of each spouse will all play a role.
The longer you’re married, the more likely you are to be financially intertwined, especially once kids are in the picture. If this is the case, separating those assets and deciding who gets what can cost money, both on the other spouse and on attorney fees since it will take a lawyer more time to sort it out.
Other complications that can make your divorce cost skyrocket is if you and your spouse own a business together since you’ll have to determine how you want to move forward with it.
Often times a couple will choose to sell the business and split the profits. But other options include buying your spouse out of their half or vice versa or continuing to co-run the business if you are both on good terms.
Are You Friendly With Your Spouse?
Speaking of being on good terms, the level of conflict between you and your spouse will play a large part in the overall cost of the divorce.
If things have turned ugly, for example, if there was cheating or some kind of abuse, it’s very likely the partner who was victimized will drag out the divorce process and try to get as much as possible.
Not only could this bleed you financially from your pre-existing assets, but it can also rack up attorney fees as well.
You can save a ton of money by communicating with your spouse prior to divorce proceedings in order to make a joint agreement to try and get along as best you can during the process in order to save money for you both in the long term.
If this is not an option, you will save yourself money and time if you know which points you’re willing to compromise on and which areas you’re open to negotiating.
Having a bottom line in regards to what you will and won’t give up can help you streamline the process when it comes time to face your former spouse and their attorney. It will also help to keep you calm and in control during the proceedings which will save you money down the road.
What Is Your Divorce Method?
There are three different ways you can go about processing your divorce. The first and least expensive way is to do it yourself. As we mentioned above, this can cost a couple of hundred dollars and requires no lawyers, litigation or mediation.
If this is an option for you and your spouse, it is certainly the most cost-effective.
Your next option would be a mediated divorce. This is done without the supervision of lawyers and typically costs between $500 to a few thousand dollars depending on how long the process takes. This type of divorce is sometimes referred to as a collaborative divorce.
You will work with a mediator to divide assets and negotiate the terms of your agreement. This process works best when both parties are amicable and the divorce itself is uncomplicated.
Your next step would be litigation which would require you both hire a lawyer specializing in divorce.
Each party would hire a professional attorney who would advocate on their behalf in an effort to achieve the best outcome for their client. This process usually means you will go to court and appear before a judge in order to finalize your divorce or any custody agreement.
This type of divorce is usually the most expensive and can range from $20,000 – $200,000 or more. It can get especially expensive if there are children and custody arrangements involved.
If your case needs to go to court in order to get resolved, you’ll be glad you hired a reputable divorce attorney to guide you through the process and help you get the best deal possible.
How Much Does a Divorce Cost? Now You Know
Asking, ‘how much does a divorce cost’, doesn’t have to be an overwhelming question.
With the guide above, you now have a clear understanding of the various circumstances that can determine the cost of your proceedings. Hopefully, with this information, you can choose the best and most cost-effective path for you and your family.
Be sure to look up the divorce laws in your particular state before you begin your process so that you can be prepared and know what kind of divorce you should try to get and what kind of representation you’ll need in order to have a successful outcome.
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