You’ve been building your future not saving for divorce. Now things have changed. What will divorce cost?
As with all things divorce, “it depends”. Typically, the largest expense is the collection of fees paid to your professional team; legal, financial, child/co-parenting coordinators and mental health professionals.
Court filing fees and other paperwork related fees to be aware of before, during, and post-divorce and which can mess with your budget if not expected are things like; Title Transfer Fees, QDRO’s, Certified Copies of the divorce paperwork, Quit Claim Deeds, Certified Mail costs, etc. You may also need to pay multiple realtors for a Comparative Market Analysis (although some provide this at no charge) or an appraiser in order to accurately hone in on the current value of your home.
Most states encourage, and even legislate, the use of the various negotiation pathways such as mediation or Collaborative Divorce, and thus, the majority of divorces are resolved prior to going to trial. Trials are generally only for those couples who have tried but can’t settle any other way and a trial will add significantly to the total cost of your divorce.
As a general rule, the more amicable the parties can be and the more specialized the professionals on your team, the lower your total bill. That doesn’t mean a mediated or a Collaborative Divorce won’t work for high conflict couples. The team environment and process can keep tensions in check and everyone on track and accountable to working towards resolution rather than increasing conflict, drama and cost.
Switching to the emotional cost of divorce, don’t pay your attorney $300/hour to listen to things your mental health professional is more equipped to deal with and is half the cost. Software tools such as OurFamilyWizard.com or CoParently.com may also help bring down the “emotional cost” especially when communications are less than optimal. The logs and data can provide support during various negotiations and could save attorney prep time if litigation ends up being the last resort.
DIY might be an option, but generally only for those with the time and energy to navigate the court systems on their own and for short-term marriages, when no children are involved, and when only a few simple assets and debts need to be divided.
Attorney, Author and Mediator Kim Stamatelos, created Unhitchus.com, as a hybrid online divorce option. It is generally intended for simple cases and provides online input for your family and financial data, a small amount of attorney time, and the processing of court documents. Although currently only available to residents of Iowa and Minnesota it can be a viable option for some couples.
Uncoupling is not inexpensive. You certainly have things you’d prefer to do with your hard earned money. As you research the best options for you, consider attending a Second Saturday Workshop, available in most states.
Below find two articles about the costs of divorce you may find informative.
Making an informed decision is key.
Please note these links will open up on new websites.
How Much Does a Divorce Cost By State?| FindLaw.com
Cost of Divorce | Most Expensive States | Self.inc
Note: Nothing in this post is to be considered legal or financial advise. Please consult your own legal and financial professionals as needed. This post is intended to provide general educational information only.