When considering the costs and expenses of divorce, we can think of the cost of divorce as falling into different categories. There’s the cost of turning one household into two, which can have unexpected costs. Then there’s the legal costs of divorce, which can involve court fees and the cost of paying for your divorce lawyer. And then we also have to consider ongoing costs of divorce. According to Business Insider, the average cost of divorce in the U.S. is $15,000. Of course, your divorce may cost less or more than this. Let’s explore how.
The Cost of Separating One Home into Two in Divorce
It’s just a fact that it will cost more to live alone than to share a space with your partner. If you own a house with your ex, you’ll either need to sell the house or refinance the mortgage, all of which can cost money and involve fees. Splitting the cost of a single living space versus paying for a living space on your own can also cost you money. Furnishing a new living space can be costly (you might not be able to bring all your furniture or household goods with you, and you may not even want to). Then, there are other costs to consider. If you and your partner share a car, will you need to buy a new one? Will you need to refinance the car loan without your partner’s name on it? If you share health insurance, one partner will likely face new health insurance bills. If you need to split phone accounts, internet accounts, and other shared utilities, splitting these services can cost you money. Then, there is just the added cost of being single. Some companies offer couples or group rates. Paying for these services alone may cost you more. Of course, every step of the way here, there may be options for cutting costs. Some families may even choose to continue to share the same home for financial reasons, and sometimes former couples reach agreements where the spouse can remain on health insurance in exchange for assets or other benefits. If you have a shared retirement account, there may be accountant’s fees for splitting these accounts, and legal fees for advice on how to split accounts without risking a big tax bill. If you share a company or business together, splitting the business could also cost money. Schneider & Onofry, P.C. is a divorce law firm in Yuma, Arizona that works with individuals who need assistance dividing assets during a divorce. Our divorce attorney may be able to assist you.
Legal Costs of Divorce
Every divorce involves legal costs, even if the couple doesn’t hire a lawyer. There are court filing fees involved in divorce. There may be document copy fees as well. If you are getting divorced it is often recommended that you seek the advice of a lawyer, because failing to do so could potentially cost you more in the long run. A divorce lawyer can help you understand your rights and responsibilities regarding shared assets, protecting you from making mistakes with your shared assets that you might not be able to undo once you finalize your divorce. The cost of divorce legal fees depends on the arrangement you work out with your attorney. Some lawyers work on an hourly basis and some lawyers, after reviewing your case, may be able to offer you a flat rate for legal fees. Reach out to Schneider & Onofry, P.C., a divorce lawyer in Yuma, Arizona today to learn more about what your divorce legal fees might cost you.
Ongoing Costs of Divorce
Divorce may also involve some ongoing costs. These costs can include ongoing child support expenses, alimony expenses, and other costs. For example, splitting a shared business can also have costs. Splitting assets could have costs in terms of changes to your net worth. Before filing for divorce, it can be helpful to go over these issues with your lawyer to understand the full cost of your divorce. Have questions? Reach out to Schneider & Onofry, P.C. a divorce lawyer in Yuma, Arizona today.