Posted on: 2 November 2016Share
You have probably heard that divorces are expensive. In many cases this is true, and if you are considering divorce, you should be aware of all of the reasons why your divorce could be expensive. Now, not all situations are expensive; it depends on the individual situations, but there are still some things you should be aware of when it comes to your divorce.
1. Legal Fees
Obviously, the first thing that you need to know is that legal fees will be required to get a divorce. When you meet with the lawyer, they will most likely ask for a retainer. This is money upfront that you pay them to ensure that they get paid for their work. It could be a couple hundred dollars, or it could be a couple thousand. Then the attorney will draw from this account as they work on your case. If the case ends up being easier than expected, they can refund your retainer. But in many cases, the retainer won't cover the entire divorce and you will have to continue to add to your retainer.
Some of the legal fees you should expect are the filing fees, paying a mediator for your mediation, your attorney's billable hour fees, and any litigation fees if you take your case to court. Thus, the quicker you can resolve the issue, the less expensive your divorce will be.
2. Splitting The Estate
Another reason why divorce is so expensive is that you are now splitting your income and estate between two individuals. For instance, when you were married, you could pay for one house, one grocery bill, one utility bill, and so forth. Now that you are no longer living with your spouse, you have to pay for two separate lives. Any savings and retirement you have will be split, you could owe your spouse some of your wages each month, you could be paying child support or alimony, and so forth. In addition, if one spouse worked and the other spouse was the stay-at-home parent caring for the children, you may need to have both spouses go back to work and pay for child care or schooling. This is just another expense that many people do not consider when they are thinking about divorce.
Just because divorces are expensive, it doesn't mean that you shouldn't pursue a divorce if it is right for you, but you should be aware and prepared for all the expenses. Talk with a family attorney for more information about divorce costs and how to proceed in your case.