One question we get asked on almost every phone call is, “How much will this divorce cost me?”
You may have heard the old saying that it’s cheaper to keep her, but in today’s market that doesn’t have to be the case.
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The Cost of Divorce
First, before you even start to think about the money…you need to consider that you only have one short life to live. How much life force and life-energy (emotional capital) is it going to cost you to prolong a bad situation.
I ask many of my clients to consider that before we start to talk about money. The truth of the matter is that when it’s over, there might be no way to save a failing marriage.
In simple terms, the cost of your divorce is going to depend largely on a few different factors:
- Do you and your soon to be ex spouse want to fight this thing out? The more you argue and bicker, the more expensive this divorce is going to be because you are going to rack up billable hours on both sides.
- Is there a large amount of personal property to divide ($), real property to divide ($$), business assets to divide ($$$). Basically, the more complicated the division of property is, the more expensive the divorce will be in terms of legal fees.
- Are there children involved in the divorce decree? Anything that causes room for disagreement and negotiation can make the divorce process more expensive. We find that splitting couples tend to fight and argue the most over visitation rights, child custody issues, and child support payments.
What Should You Do?
If you are facing a divorce, the best thing to do is contact an attorney as soon as possible. A family law attorney can work with you to (1) protect your rights, (2) protect your children, and (3) help you identify any unnecessary expenditures that may increase the cost of your divorce.