4 Important Divorce Cost Factors that You Should Know

Some factors that could affect the cost of divorce are the approach to the divorce settlement used, attorney’s fees, fees incurred from determining child custody, and fees for allocating assets and debts.

Filing for divorce is a crucial decision for couples to make, and there are several factors that they have to consider. Couples have to remember that not only is the divorce process emotionally exhausting, it can also be financially challenging. Apart from finding the best Southfield Divorce Attorney to work out their cases, couples also have to get an idea of how much the divorce processes and legal fees will cost them. If you and your spouse are considering a divorce, here are some factors that can help you estimate how much the process could cost.

The approach to the divorce settlement used

It will matter whether you and your spouse choose an adversarial, collaborative or mediation approach for settling your divorce. In an adversarial approach, each spouse hires individual lawyers to represent them in court, and as a result it is more expensive. It also takes a much longer time because both parties need to wait for a specified court date to present their individual cases. This approach may be necessary for couples who have not reached a mutual agreement or if one spouse is dominating over the other during their attempt to reach a mutual agreement. Although relatively uncommon, the adversarial approach is usually depicted the most in the media which makes many people overestimate its frequency. The less adversarial approaches to divorce are for couples who have come to terms with important issues in their separation such as child custody, child support and division of property. This approach is for uncontested divorces and is less expensive because of lesser legal fees and court costs involved.

Attorney’s fees

It may be for your best interest to hire an experienced lawyer who can best represent your case and fight for legal rights. However, different attorneys will charge different fees for their services. Additionally, how your attorney handles you and your spouse’s divorce will also affect how much money will be involved. The best attorneys usually are more expensive to hire but may be worth the money compared to an inexperienced one with cheaper fees.

Fees incurred from determining child custody

If you are battling over child custody with your spouse, there might be a need to undergo child custody evaluation to determine whether you are fit to be the custodial parent. Usually, a psychiatric evaluation is involved and has corresponding fees. Additionally, you will be paying your attorney for added work regarding the legal battle for your child’s custody.

Fees for allocating assets and debts

If you and your spouse have accumulated substantial marital properties and debts, there might be a need to hire a certified divorce financial analyst who can help negotiate a settlement and allocate the assets and debts in a way that will be fair to both of you. Hiring this professional also has corresponding costs.

There are many factors that could affect the cost of a divorce. The crucial thing is to work hand in hand with your attorney and your spouse so you can easily reach a settlement.