“How much will this cost?” That’s the first thing most people want to know when considering a divorce. Between the attorney fees, court costs, counseling, the expense of selling the marital property, dividing assets, paying back debts and caring for children, the financial cost of divorce can quickly become overwhelming — especially for people who are already on an emotional rollercoaster and facing a huge transition in their life.
One of the goals at our practice is to help people truly understand the implications of what they’re asking for, financially, in the divorce settlement, says Roy Nelson, a certified public accountant, who often provides financial consultation for Wevorce clients.
“We want them to really think about whether their agreement is sustainable in the long-term,” Nelson says. “If it’s not sustainable — even if it will get the divorce closed — we want to anticipate that result and help people figure out a better solution.”
The bad news is that, even if you and your spouse agree on every little detail and are completely in agreement about how you’ll divide your assets, two households are more expensive to maintain than one household.
“One of the biggest costs of divorce is the divided household,” Nelson says. “The cost of maintaining two households is going to be more expensive. You’ll have two mortgages or rents and two sets of utilities, and so on. At a very basic level, living expenses increase quite a bit.”
However, the good news is that planning ahead and staying informed can help you minimize the financial costs of your divorce. Instead of looking at the big (overwhelming) picture, let’s break the financial divorce into smaller, less intimidating, pieces.
The cost of divorce is going to vary depending on the type of divorce you choose, your unique marital situation and the number of unresolved issues between you and your spouse. Some couples can get away with a do-it-yourself (DIY) divorce and spend less than $500. Others can spend nearly $200,000 battling in court over property division or custody issues. Typically, attorneys may request a retainer, just to start the case, ranging from $7,500 to $15,000. This retainer is only for ONE spouse. And not for the whole case necessarily.
This firm offers a solution for your mediated divorce at a flat fee covering the expenses of both parties ranging from $5,000 to perhaps $8,000 for highly complex situations. This is a flat fee, with additional court costs of a few hundred dollars, And it covers both parties. Call us.