No matter how you slice it, divorce is going to be expensive, but by understanding the factors that affect the cost and taking steps to keep it down, you can minimize the financial impact of ending your marriage.
Nearly 50% of all marriages in the United States end in divorce, so if your marriage isn’t working out, you’re far from alone. This is primarily caused by couples growing apart over time, financial stress, or infidelity. For those who are currently dealing with a divorce settlement or who are considering it, one of the most important questions is: how much does a divorce cost? The answer to this question isn’t as straightforward as you might think. Below, we’ll dive into all the different factors that can affect the cost of a divorce so that you can have a better understanding of what to expect.
What Affects the Cost of a Divorce?
Some of the key things that will affect how much your divorce costs are:
- The state in which you live
- How long have been married
- Whether there are any children involved
- How much property needs to be divided up
- If either spouse is contesting the divorce
Let’s take a closer look at each of these factors:
State Law
Every state has different laws regarding divorce, so the cost of your divorce will vary depending on where you live. For example, in California, the average cost of a divorce is around $17,500 while it’s only $15,600 in Texas. In general, states like California with higher costs of living will incur more legal fees simply because everything is more expensive. In addition, some states require a mandatory waiting period before the divorce can be finalized, while others do not.
Length of Marriage
The longer you’ve been married, the more complicated your divorce will likely be. This is because there will be more shared assets, such as a house, cars, and retirement accounts. Dividing these assets can take longer and be more expensive than if you only had a few smaller items to split between you and your spouse.
Children Involved
If you have children with your spouse, this will also affect the cost of your divorce. This is because you’ll need to come to an agreement about child custody and visitation rights, as well as child support. If you and your spouse can’t agree on these things, it will likely require mediation or even a court trial to settle the matter, which will end up costing much more money.
Child support can also be very expensive, particularly for a high-income earner. In some cases, it can put an immense financial burden on the spouse who is ordered to pay it even if they are wealthy on paper.
Property Division
The final major factor that will affect the cost of your divorce is how much property you have to divide up. This includes things like your house, cars, furniture, and any other possessions you may have. The property division could be very complicated and expensive, especially if the couple did not sign a prenuptial agreement.
Contesting the Divorce
If either spouse is contesting the divorce, this will also add to the cost. This is because it will require more court hearings and could even result in a trial. Having a divorce lawyer involved can quickly increase the cost of your divorce, so it’s important to consider whether or not it’s worth it to contest the divorce.
What to Do When Going Through a Divorce
If you’re currently going through a divorce or are considering it, there are a few things you can do to help keep the cost down:
1. Try to find agreement on financial matters beforehand
The more you can agree on with your spouse, the less you’ll have to go to court to settle. This includes things like property division and child support. This may not be possible in some cases (like domestic abuse or infidelity). However, if there are no major disagreements, it can save you a lot of money in the long run.
2. Go to mediation instead of court
If you and your spouse can’t agree on certain matters, you may be able to use mediation instead of going to court. This can be much cheaper than hiring lawyers and going to trial. However, not all cases are suitable for mediation, such as those involving domestic abuse. You should speak with a lawyer to see if mediation is right for your situation.
3. Consider using an online divorce service
If you have a simple, uncontested divorce, you may be able to use an online divorce service. This can be much cheaper than hiring a lawyer and can be done without going to court. This is not an option for everyone as it requires both parties to agree on the terms of the divorce.
Endnote
No matter how you slice it, divorce is going to be expensive, but by understanding the factors that affect the cost and taking steps to keep it down, you can minimize the financial impact of ending your marriage.
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