What Will My Divorce Cost?

 Posted on February 10, 2017 in Divorce

One of the most common concerns among divorcing couples is how much the process is going to cost. While it is true that divorce can be expensive—both in terms of time and money—it is impossible to offer an exact estimate without reviewing all of the unique details of your case. The most reliable way to get a reasonable estimate is by speaking with an experienced divorce lawyer.

What Will Affect the Cost of a Divorce?

There are quite a few factors that may influence the cost of your divorce. One of the most important considerations is whether the divorce is “contested” or “uncontested.”

In a contested divorce, the spouses disagree on certain factors crucial to the proceedings. These may include child support, the allocation of parental responsibilities, spousal support alimony, asset division, and much more. A contested divorce typically requires a significant amount time—yours and your attorney’s—to reach a resolution. Some contested divorces even end up going to trial, which can increase costs even more.

An uncontested divorce, by comparison, is usually much less expensive. In an uncontested divorce, the spouses agree on the most important considerations and may only need to work out the finer details. As a result, an uncontested divorce requires less time from attorneys which, in turn, reduces attorney’s fees. Also, the negotiation required will usually move faster allowing the parties to miss fewer workdays.

The cost of your divorce may also be affected by expenses related to finding a new home. Many divorce cases result in the marital home being sold and the proceeds divided between the spouses. Doing so, however, is not necessarily cheap and may realtor fees and a financial loss regarding your property investment.

Money and the Decision to Divorce

It is not uncommon for the costs associated with divorce to motivate unhappy couples to stay together. This is sometimes the case during difficult economic times, as spouses who would be better apart remain married simply because they do not feel they could afford to divorce. In fact, some experts speculate that this is the reason that divorce rates dropped slightly during the recession that began in the later part of the last decade.

If you are planning to divorce, creating a budget for the proceedings is a smart first step. Also, consult an attorney as soon as possible. A knowledgeable family lawyer can explain your rights and help you prevent mistakes that could compromise your financial interests. Contact an experienced Geneva divorce attorney to discuss your case today. Call 630-232-9700 for a confidential consultation at The Law Offices of Douglas B. Warlick & Associates.

Sources:

http://www.huffingtonpost.com/galtime/how-much-does-the-average_b_3360433.html

http://money.usnews.com/money/personal-finance/articles/2013/08/19/why-a-collaborative-divorce-makes-financial-sense