A report by the U.S Census Bureau indicates that the average marriage only lasts eight years. If your marriage is ending, you will probably become anxious about the expense of getting divorced. The final cost of divorce is dependent on the choices you make as well as your family’s unique circumstances. It is almost impossible to predict the amount you will pay to facilitate the process without knowing the details. Below is a list of factors affecting the cost of a divorce.
One of the first expenses the warring spouses encounter when filing for divorce is the filing fee. The amount varies depending on the chosen court but ranges between $100 and $500 in most cases. The cost is paid when filing the paperwork for divorce, and the spouse who files for divorce pays for it. If both spouses agree upon the divorce, they can split the cost to minimize the amount paid by each person upfront.
If one spouse is entirely dependent on the other during the marriage, that spouse is sometimes awarded alimony. Alimony laws were introduced in Texas in 1997, and the original statutes remained unchanged until 2011. Permanent alimony is not common these days, but many spouses are required to provide support until their former spouses start a life for themselves and get back on their feet. Alimony is based on the needs of the non-working spouse as well as the income of the working spouse. Losing an income is devastating, and paying the money to your spouse and getting your life together after a divorce can sometimes be stressful. Both spouses can struggle with alimony and divorce issues.
Once the divorce process is through, one spouse will most likely move out. If it is you, you must come up with the money to facilitate these moving expenses. You may have to seek funds to pay for the down payment of a new home, deposits to have utilities in your new home turned on, and a deposit to rent a new home. Such expenses can be significant but cannot be avoided when divorce happens. If your spouse is the one moving out, you may find yourself responsible for various household payments and bills which can be financially challenging.
Division of the property has a significant effect on the overall cost of divorce. At least 90% of individuals marry before they turn 50, and these young couples tend to go all-in when getting married and combine many of their assets, such as property. While you may not have to pay for the division of assets, you lose valuables worth a lot of money. Depending on how the divorce process goes, you may divide various expensive things if you disagree on who will get them. Such assets may include items such as a car or your home. Sometimes, you can pay your spouse for half of an expensive or significant investment, or you may be required to sell it and split the funds you made from the sale.
If you or your spouse file for a divorce but have children together, you may be required to pay for child support. In most divorce cases, one spouse is awarded physical custody of the children. In contrast, the other is awarded visitation and must pay various child-raising costs. Such payments are based on the income of both spouses and are designed to be fair to each party. Paying to receive child support may have significant financial impacts, and you may take some time to get used to it, which necessitates rearranging your finances.
The division of assets also comes with the responsibility of paying the bills. If you are awarded the car or home, you become responsible for bills along the way. Sometimes, you may be required to pay back deposits for utilities, pay off credit cards, or continue to pay those bills you agreed to take on for a property you no longer own. It may require re-evaluating your financial situation to find ways to pay the bills you were splitting with your spouse before the divorce.
Depending on the chosen attorney, there are various legal expenses when filing for divorce. A seasoned divorce lawyer has the expertise to move the process quickly and ensure that each spouse is treated fairly. Divorce that takes more time in court is accompanied by additional legal expenses that fall on each spouse. Hire a divorce attorney whom you trust to act in your best interest.
Divorce can be emotionally exhausting and time-consuming and is made even worse by piling expenses. However, if the decision to file for a divorce is mutual, the spouses can split the legal costs and fees. If you are thinking about filing for a divorce, consult a seasoned divorce lawyer to ensure a smooth process.