Filing for divorce is emotionally difficult, but can be financially stressful as well. Even if your divorce is amicable and both spouses are in agreement, the cost of divorce can still be overwhelming. It’s important to understand the financial impact for both spouses.
The cost of filing for divorce is usually several thousand dollars, and the more complex or contentious the divorce is, the higher the cost. Your divorce can cost as little as $2000 to well over $20,000 and usually includes:
In Ohio, you can assume that you will pay for your own costs (such as attorney’s fees and any other associated fees) and your spouse will pay their own costs. When it comes to the shared costs, such as filing fees, court ordered mediation, family therapy, document fees, and court reporter fees, there are several possibilities. In some cases, those costs will be shared equally. If one spouse is more financially able to cover the cost of the divorce, the court may order that spouse to pay some or all of the legal fees associated with filing for divorce. If one partner is the primary breadwinner and the other spouse is not working, the working spouse may be ordered to pay for both attorney fees. Your attorney can look at your specific situation and let you know what to expect. In general, it’s smart to assume that you will be responsible for your own attorney fees.
In addition to the cost of the divorce itself, you will be separating all finances and setting up two households. To financially prepare for a divorce, there are a few things you can do.
In many marriages, one spouse tends to manage the finances. If you were not the money-manager, make sure you understand all your finances. Take stock of all your assets, debts, and monthly expenses. Make sure you know whose name is on every account – every loan, every bank account, every title.
Before filing for divorce, start saving as much as you can to cover the attorney fees. Try to cut expenses to prepare.
Divorce will mean that you are essentially starting over financially. Your current standard of living will likely change in some way (almost always negatively). Prioritize what is most important to you and plan for where to cut back.
If you and your spouse can work together through the process, the costs will often be much lower. While emotions will play a big role in the divorce proceedings, try to look at the big picture and cooperate as much as possible to keep your finances in better shape.
The cost of a divorce will depend on how contentious or complicated your divorce is. Working with your spouse to keep things as amicable as possible can help keep the costs down. Taking the steps to understand the process of filing for divorce and all the associated costs can help you better prepare for the road ahead. If you’re going through a divorce or plan to file and have questions, contact my office today.