In fact, the average cost of divorce in the U. Of course, that number can vary wildly based on several different circumstances. For instance, Pettus says that in New York City, that cost is significantly higher due to location and the costs associated with living there.
As with most legal processes, the brunt of the expense is legal fees. Frawley and Emily S. They must draft motions, file motions, negotiate with opposing counsel. Depending on the nature of the case, they may also have to hire other experts entirely, such as appraisers, psychologists, or court-appointed attorneys for children. Litigation is also as unpredictable as it is expensive. And indeed, their experiences reflect one of the prestigious Manhattan firms mentioned by Pettus. If you and your partner are mostly on the same page, you can shorten the process to a few pages of paperwork.
One, counter-intuitively, is not to be cheap. I hear from women who tried to save money by hiring the least expensive attorney but then ended up with the most pricey divorces. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you.
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Image source: Getty Images. Disputes over child support, child custody, and alimony raise the average cost of a divorce significantly. Divorces take, on average, between 12 and 18 months to finalize.
Divorced men and women have less money in independently owned defined-contribution retirement accounts than married men and women. However, there were substantial differences in divorce costs based on factors such as location, whether child support or child custody were involved, whether alimony was an issue, and whether the divorce was settled outside of court or the couple went to trial.
Data source: Nolo Note: The Martindale-Nolo survey results don't list median values for all divorce circumstances, so we've reported them where they're available. Are divorces expensive?
They can be. Here are the fees involved Uncontested divorces are generally quite affordable. How long does a divorce take? Divorce filing fees by state The court must legally dissolve your marriage. Virginia Varies by county; online calculator will display your fees based on your area.
Note: Filing fees can vary greatly, even within a single state. The costs above represent our best efforts to find an average filing fee in each state. Other miscellaneous fees and expenses Divorces may also result in other expenses. Examples include the following: Divorce mediation costs.
Divorce mediators help couples resolve contested issues without going to trial. You may also choose a collaborative divorce attorney instead of a mediator. Forensic accountants. If you believe your spouse is hiding assets, a forensic accountant could help you find them.
However, forensic accountants may require several thousand dollars as a deposit and total costs could be higher, depending on the complexity of your situation. Refinancing loans into one spouse's name. Refinancing could cost several thousand dollars depending on the type and amount of a loan.
It may be necessary to ensure your credit isn't damaged and lenders don't pursue legal action against you for a joint debt your ex-spouse becomes responsible for paying during the divorce.
Examples of loans you may wish to refinance include a joint mortgage and a car loan in both party's names. You may also wish to have one spouse take out a personal loan to repay a shared credit card with a balance. Relocation expenses. Long-term costs of divorce In addition to the immediate costs associated with dissolving your marriage, there are long-term costs to consider. Do you have to pay for divorce? No one would ever describe the divorce process as being pleasant; neither would any spouses say on their wedding day they were planning on divorcing down the road.
But divorce happens—for at least 50 percent of all first, second, and third marriages. Divorces can be time-consuming and messy, and the issues in each divorce are different from one couple to the next. If you do manage to find an attorney offering representation for a flat rate, you should definitely do your due diligence and look into the firm, as well as who the firm has represented and the judgments on previous cases.
Some dubious firms appear to offer a flat fee but then add in unexpected fees and upcharges; however, most attorneys charge an hourly rate. For example, Debra F. Schneider, Esq. When hiring an attorney, you will generally have to pay a retainer fee—an upfront payment paid by the client before any legal work is conducted.
The point of a retainer is two-fold:. It acts as a down payment to secure the attorney you choose. It ensures payment for when the entire process is complete. It covers the costs of future hours billed. Instead of keeping your retainer and then charging you for each hour billed after that, many lawyers will keep this retainer as a down payment and apply it to the total bill when the entire process is complete.
The size of the retainer will depend on the issues discussed in an initial consultation—namely child custody, child support, alimony or spousal support, the division of property, and the division of debts.
Sweet, Esq. The inconsistencies between these two retainer fees show that the price you pay will depend largely on the preferences of the attorney and the issues the defendant wishes to address. Most firms offer a free consultation, and it can be very helpful in finding the attorney that's a good fit for the particular details that need to be resolved in your divorce. A good consultation will cover. In most cases, a phone call or an e-mail explaining your situation and requesting a consultation will garner a response within forty-eight hours.
Despite the possibility of stuffing extras onto the cost, flat rate billing, when done right and ethically, can make things much easier for the client.
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