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Divorces have the potential to wreak emotional havoc on a couple, but they can also cause problems financially. Many people on the verge of getting a divorce wonder how much it will cost them by the time the divorce is finalized. The answer is usually never straightforward at the beginning, and every divorce contains different aspects that will affect the final cost. Here are things to carefully look at to better understand how much your divorce may cost.
Depending on the amicability between the two spouses, some divorces can be wrapped up rather quickly and without fuss. Others can take a very long time to settle, and the more complications involved, the longer the case will be dragged out. Of course, time equals money, and the longer you need to hire a lawyer to reach a settlement, the more you’ll pay in the end.
Property and Investments
You may end up paying more to split up shared property and investments between you and your spouse. You may also have to settle debt owed between the two of you, and these matters need to be settled fairly and equally. Sorting this out can take time and cost more.
Trial Versus No Trial
The numbers for the average cost of overall divorce expenses can become skewed by the small few who pay above-average amounts for their divorces. Oftentimes, cases that settle out of court cost less than those that need to go to trial, which is why it is always encouraged to try to find a compromising ground without a court’s intervention. Those who go to court may pay twice as much as those who settle out of court. To give you an idea of overall cost, the median average of a divorce case can fall between $5,000 and $7,000, though some people pay over $10,000 and others less than $5,000 depending on their situation.
The cost for lawyers can vary widely depending on where you live and the experience of your lawyer. On average, many people pay between $200 and $300 per hour for a divorce lawyer. However, in some regions, such as metropolitan areas, the cost can be as high as $400. A more experienced lawyer generally costs more than a less experienced one.
In the end, the cost of your divorce comes down to individual factors. Discussing your case with an attorney can help you estimate how much your divorce may cost and if you should hire legal help. Contact a local divorce lawyer in New York, NY, like the Kleyman Law Firm to schedule a consultation and discuss your best path forward.