No one goes into a marriage thinking it will end in divorce. However, with the divorce rate remaining around 50%, it is impossible to ignore the possibility of divorce. This process not only ends the union, but it also has the tendency to come with a hefty price tag.
Even when a couple agrees that dissolution is best, this does not mean they will evade the stress, complexity and cost of the process.
The cost of divorce
Much like no two marriages are alike, no two divorces are alike. As such, the costs associated with the divorce process could vary greatly. For an uncontested divorce, the overall cost can range from $1,500 to $5,500.
This is often dependent on the number of divorce issues that need to be decided, how it was filed and the method used to reach the final decree.
In contrast, a contested divorce could set you back a significant amount. It could range anywhere from $40,000 to $140,000, and if the matter goes to trial, the final cost could be even higher.
This amount doesn’t account for how this major life event impacts you individually such as lost time at work, childcare, the need for therapy and the usage of professional services when it comes to selling a home, refinancing the home or purchasing a new home.
Keeping divorce costs down
While you might not have the power to prevent a divorce from occurring, you do have control over how costly a divorce is and how much of a financial burden it will be on your family.
For starters, including a prenuptial agreement or a postnuptial agreement in the union is best way to evade a costly divorce. You and your spouse will never negotiate a more favorable divorce than when you are in love.
While they provide benefits, not every couple will include a marital agreement in their union. Thus, it is important to be cognizant of your options when it comes to divorcing. The fear of costs might cause you to avoid the process; however, if a divorce is necessary, exploring your legal options and understanding your rights is imperative.
