In every 1,000 marriages in the U.S., there are about 15 divorces.
Although divorce rates have been dropping in recent years, the prospect of getting divorced is always rife in any relationship. And, divorce isn’t necessarily a bad thing. Oftentimes, it’s better to walk out of a marriage that no longer serves its purpose or has fully run its course.
Divorces, though, whether amicable or not, can be a complex affair that costs time and money. In this article, our focus is on the money.
Just how much does it cost to get divorced?
We’re crunching the numbers, so keep reading!
The Average Cost of a Divorce
There are many direct costs that can be incurred during a divorce. These include legal charges, court fees, mediation fees, relocation expenses, and the like.
With that out of the way, it’s important to note that there isn’t a standard or fixed cost of divorce. Every divorce case is different and the costs can depend on a number of variables.
On average, though, recent studies have established that most divorces cost about $12,900.
What Will Affect Your Cost of Getting a Divorce?
It’s possible that you can end up paying a lot less or a lot more than the average cost above. Some factors will influence the cost of your marriage annulment. Let’s discuss them next.
Contested or Uncontested Divorce?
This is the primary factor that will determine how much money you’ll spend on your divorce.
Predictably, uncontested divorces are the cheapest. Agreeing with your soon-to-be-ex on multiple sensitive issues like property division, child support, and alimony not only saves you money that could otherwise be spent on lawyers and arbitrators but also ensures your case is processed quickly. Here’s more info on uncontested divorces and how they can save you a lot of money — and pain.
If it’s a contested divorce, the amount of money you’ll spend will keep increasing depending on how long it takes to reach a binding agreement on all the contentious issues. Imagine that you’re paying your divorce attorney on an hourly basis. The more hours they spend on your case, the more you’ll pay.
Your Net Worth
You’ve heard stories of divorced high net worth individuals who spent millions of dollars on divorce lawyer fees alone. Well, that’s a natural consequence of being rich!
If you’re a wealthy person, you’ll likely hire lawyers who specialize in high net worth divorce. Besides their pricey charges, there will be more professionals involved, such as property attorneys and accountants, to sort out property/asset issues.
How Much Does It Cost to Get Divorced?
So, how much does it cost to get divorced?
In a nutshell, it depends on many factors. While the average cost is about $12K, you can spend a lot less if your divorce is uncontested and can be done without needing a divorce attorney. On the other hand, contested, high net worth divorces can cost you six or even seven figures.
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