It's no secret - divorce can cost a pretty penny, especially in situations where the parties share valuable assets or disagree on how to proceed with the dissolution of their marriage. If you're moving forward with a divorce, understanding the costliest parts of dissolving your marriage could help you budget for your future more effectively.
To schedule a consultation with our team for your divorce case, contact us online or via phone at (908) 274-3028.
Attorney & Court Fees
It goes without saying, but attorney and court fees for divorce can be quite costly, especially in a contested divorce.
In an uncontested divorce or a marriage dissolution where the parties plan to use a method of alternative dispute resolution, such as mediation, to resolve their differences, attorney and court costs may decrease significantly. But for many people engaging in a divorce, attorney and court costs will be a significant factor.
For this reason, it's important to ask your attorney how their price their services, and what their estimated cost for your case is. An attorney who uses flat-fee pricing may give you a very different total than one who uses hourly fees, for example.
It's also worth noting that attorney fees can often be seen as an investment, especially in high-asset cases. Having a competent attorney on your side is one of the best ways to ensure you get the outcome you deserve from your divorce.
Expert Witness Costs
Expert witnesses don't play into every divorce, but when they do, they can increase the cost of the divorce process significantly.
Expert witnesses, such as forensic accountants, appraisers, physicians, and counselors are typically trained professionals who demand substantial fees for their time and services. Again, it can be an important investment to make - especially in a high-asset divorce - but it can be costly nonetheless.
Getting Rid of Marital Debt
Many couples own property together. Suppose you share assets or liabilities with your soon-to-be-ex, such as ownership deeds to property like a house or car. In that case, you may be faced with the unfortunate surprise of needing to eliminate any debts associated with that property before one party can take control of it or it can be liquidated.
As a result, married individuals sometimes find themselves having to make payments associated with property they put themselves down as co-leasers or owners on in an attempt to help their spouses.
Your Taxes May Change
Married couples often receive unique tax breaks, so many individuals find that they end up paying more in taxes post-divorce. Additionally, depending on the circumstances of your marriage, you could end up in a different tax bracket entirely. This is relatively common in situations where one party was the primary breadwinner and brought in a majority of the income.
Post-Divorce Expenses Can Be Significant
"Post-divorce" expenses, such as finding a new place to live or paying for new house or apartment furnishings, can amount to a pretty penny.
If you know you'll need to move into a new living space or purchase new amenities for a living space you already have, start researching prices early. Bookmark stores you like. The earlier you start preparing, the easier it will be to find sales. Capitalizing on sales or other cost-saving opportunities can end up saving you hundreds or even thousands of dollars in the long run.
The average contested divorce in the U.S. costs the parties around $15,000. If you want to maximize your returns, investing in a skilled family law attorney is key.
To schedule a consultation with our team for your family law case, contact us online or via phone at (908) 274-3028.