Emotional and Financial Divorce Costs – What You Need to Know
Breaking up is always emotionally devastating, but when you are married, the divorce costs are not limited to your feelings. The entire process can also ruin you financially, if you are not well informed on the matter before saying the final “good bye!” to your soon to be ex-spouse.
Short-term / Long-term divorce costs
The costs of a divorce are not limited to the fees you must pay for the process itself, and can affect your future, as well. If you are not prepared for what is coming, a divorce can lead you to paying alimony for the rest of your life
Therefore, before serving your spouse with the divorce papers, you should make an estimate of the costs of the divorce, but also of your chances to get a good settlement. For this, it is recommended that you consult an attorney, who can advise you on the next steps that you should make, and also on what you should avoid doing.
Getting a divorce – costs of an attorney
Getting through a divorce without legal representation can cut down the costs of your divorce, but you might need help during the process. Even though the short-term costs seem lower, in the long-term, you might be less fortunate.
Child support, alimony, assets, and other aspects should be handled equitably and fairly, and a lawyer can make sure that your arguments are taken into consideration. If you and your spouse have reached an agreement, then a lawyer is not needed, but he or she could make sure that every aspect of the divorce has been addressed.
Generally, lawyers are paid by the hour, charging between £ 50 and £ 450 per hour, and you must also pay an up-front retainer, of about £ 500 to £ 10,000, depending on the lawyer.
If you are considering representing yourself in court, it is advisable to get a divorce kit, which includes legal forms that cover all the details that could interest you, such as real estate, personal property, name changes, and alimony. The divorce kit is the best option for couples who do not have anything to dispute.
Total lifestyle and divorce costs
The entire divorce process will end up costing you from £ 5,000 to £ 25,000, in average. After paying the lawyer’s fees and the court bills, you should not rest assured that it is over. You will not benefit from your spouse’s financial help, and you might even have to pay alimony, so you should expect an income reduction, which is, in most cases, drastic.
Adjusting after a divorce can be very difficult, sometimes even impossible. You might be forced to give up your previous lifestyle and lower your standards. The best advice you could get before starting a divorce is to consider it as a business, and leave all the emotions aside, as difficult as it may be. Set your goals and do whatever it takes (and is legal) to achieve them. The overall divorce costs are high enough, so you wouldn’t want to make them even higher by letting your emotions take control over your reason.