While most couples marry to remain together forever, this isn’t always the case. Nearly half of American adults between 55 and 64 ages had gone through at least one divorce. The percentage is 30% for adults 20 years of age and older. However, divorce is not inexpensive, either in terms of the legal procedure or the consequences.
How much do you need to shell out to begin the procedure and finally move on with your life? Investigating the cost of a divorce before you begin the papers may help you be ready.
Average Divorce Cost
The phrase “average divorce expense” is subjective. The expense of divorce can fall on either the high or low end of the range, depending on various circumstances. The cost of a divorce depends on the location, whether you use a lawyer for the entire divorce or just part of it, whether you have children, and whether you do the divorce yourself or online. Apart from these, whether you plan to employ collaborative divorce or mediation, agree with your husband on key points, or if a trial is necessary.
One of the well-known US websites, dfwdivorce.com, examined the costs associated with a divorce when the couple had joint property. This includes additional hourly legal fees, refinancing expenses, and government recording fees. According to a recent poll by Texas Divorce Attorney, an American divorce typically costs roughly $15,000 per individual.
This cost includes court filing fees, attorney fees, parent education programmes, mediation fees, expenditures for evaluations like psychiatric exams or counselling, guardian ad litem fees, and additional costs that may arise based on your specific circumstances.
We reviewed each item and added cost estimates for each component of divorce to discover how many divorces cost.
Court Filing Costs
Getting a divorce is considered a civil matter. Divorce proceedings function similarly to lawsuits in that one party must initiate the action, and another must be served. Divorce filing fees differ by state and by the court. However, the typical divorce filing fee is about $300.
On average, attorneys bill their clients $1,000 or less for an uncontested divorce. Attorney costs, however, are frequently correlated with how long it takes for a divorce to be finalised from filing to completion. Uncontested divorces typically proceed significantly more quickly. The average divorce process lasts about 11 months; if your divorce takes less or more time, this could alter the cost. The cost of your lawyer will increase as the divorce process drags on.
The cost of divorce as a whole is high. Then, when you have to pay lawyer costs, the cost rises to a new level. Depending on how eager everyone is to battle. The average cost of hiring a lawyer to represent you in a disputed divorce ranges from roughly $2,500 to several thousand dollars. Divorces that go to court nearly always cost more money and take longer. Divorce cases negotiated outside of court took an average of 9 months. In contrast, those prosecuted in court for whatever reason took an average of 17.6 months to resolve.
Depending on how you use mediation, it may help you save money or increase the expense of your divorce. Sometimes mediators are utilised in place of attorneys to help you and your partner reach a settlement agreement without going to court by discussing how you wish to divide your assets civilly. Depending on where you reside, a trained mediator may bill $100 to $200 per hour; this can be around half what an attorney would bill. However, mediation expenses may become additional if the mediation is unsuccessful and you still need to employ legal counsel or go to trial.
There are other additional costs associated with divorce that you might not have thought about. Parenting programmes, therapy sessions, mental examinations, and other extra expenses can put you in a tight spot financially. A parent education course may cost, on average, between $85 and $350. Private counselling or therapy sessions can cost $50 to $240 an hour.
Owning property with your spouse can increase your divorce costs
Refinancing their property is a popular choice among couples who are having trouble paying the costs of their divorce or changing the ownership or mortgage of their home. In addition to additional expenses for the home appraisal, lenders may levy a loan application fee ranging from $100 to $300.
In addition, you should budget for document fees ($200-$400), title search fees ($200-$400), and recording fees ($25-$250) so that the refinance will be recorded in public records, home inspection fees ($300-$500), and the price of a home survey ($100-$300), which outlines the property’s boundaries. You might also need to employ an independent lawyer if you want to refinance your house while going through a divorce. The price range for this is often $300–1200.
Some divorcing spouses decide to sell their homes and purchase two other residences. Buying and maintaining two homes may be more expensive than having one larger-family home. After selling a house and buying two more properties, one needed help to make a profit.
Divorce Costs Don’t End After You Sign On The Dotted Line
Even when the divorce is legally finalised, there are always costs involved. Many people continue to pay years later, whether through alimony payments, the expense of splitting up a household, or the financial effects of the divorce itself. Alimony payments are generally determined by an individual’s income and the division of their marital estate and children at the time of divorce.
When an individual’s income after a divorce is significantly different from their income during the marriage, alimony is sometimes awarded to preserve the level of living established during the marriage according to divorce law. If a man earns $5,000 and his spouse makes no money, she will probably receive alimony and child support payments from his salary when the couple gets divorced. In the end, your ex-spouse might receive about half of your monthly salary.
The cost of divorce as a whole is high. Beyond the fact that maintaining two households is more expensive than maintaining one, you add to that. The best tax bracket is typically obtained while filing jointly, but you will now be filing individually, which is more expensive. Tax deductions differ from others.
Certain exemptions from capital gain are not available to you. Divorce costs include more than simply attorney expenses, as well. However, the cost of divorce is typically well worth it in the long run when it comes to your and your family’s happiness in the future.