If you find your marriage has no hope and has turned into a bitter fight, filing for divorce may be the best option for you. Around 40%-50% of first marriages end in one.
Although ending your marriage is never an easy decision, it also isn’t cheap. The cost can vary in amount. Each case is different and each person’s situation is different.
Read on to learn more about the average cost of divorce and just how much these costs can vary.
How Much Does Divorce Cost?
The average cost of divorce in the United States is currently around $15,000. This number is expected to rise in the next three years, reaching an average of $22,000 by 2025. The main reason for this increase is the rising cost of living, which is impacting families across the country.
In addition, the number of couples getting divorced is also on the rise, which means that there is more demand for divorce attorneys and other professionals whose services are required. it will continue to rise in the next three years, so it is important to be prepared financially if you are considering ending your marriage.
What Does the Cost of Divorce Include?
There are a few things that the cost of divorce includes. The first is the filing fee, which can range from $200-$500 depending on the state in which you live. The next is the cost of any copies of documents that either party may need, such as a copy of the divorce decree.
There are also the attorney’s fees, which will vary depending on the complexity of the case and the number of hours spent on it. If it is contested, it is likely to take longer and, as a result, contested divorce lawyer fees would cost more.
How to Save Money on Your Divorce
Try to reach an agreement with your spouse outside of court first. This can help you avoid high lawyer’s fees.
If you’re still unable to reach an agreement, consider mediation or a collaborative one, which can be cheaper than a traditional divorce. Finally, be sure to keep track of all your expenses during the process so you can itemize them for tax purposes.
How to Budget for a Divorce
To help you budget for a divorce, it is important to get an accurate estimate of your assets and debts. This will help you determine how much you will need to pay in attorneys’ fees, court costs, and other expenses.
It is also important to have a realistic expectation of the outcome. Each spouse should have a clear understanding of what they want to achieve, and be willing to compromise if necessary.
Finally, it is important to have a budget in place to cover the cost. By preparing, you can help ensure that the process goes as smoothly as possible.
Understanding the Average Cost of Divorce
Divorce is an unfortunate reality for many couples. This is a significant expense that can be difficult to manage.
Couples should carefully consider the average cost of divorce before making the decision to proceed. However, even with the high cost, it may be the best option for some couples.
Looking to increase your knowledge of finances and lifestyle? Be sure to check out our blog posts.